New Jersey § 40a:2-35

§ 40a:2-35.

Unmatured bonds heretofore or hereafter issued by a local unit under this chapter

or any other law, and containing provisions for registration, conversion or reconversion,

or issued as bonds in registered form or coupon form without any of such provisions,

shall be registered, converted, reconverted or replaced as herein provided at the

written request and expense of the holder of bonds in bearer form or of the registered

owner or his authorized attorney or legal representative. Coupon bonds shall be registered as to both principal and interest by removing and

canceling all unmatured coupons and by executing conversion certificates written or

stamped on the bonds. Coupon bonds converted into bonds registered as to both principal and interest shall

be reconverted into bonds in coupon form by the registration of such bonds to bearer,

or the preparation and substitution of new bonds bearing the same rate of interest

and of the same tenor as the original bonds, and by attaching to such bonds new coupons

for the unmatured interest of the same form and tenor as those originally authorized. Any such bonds may be again converted or reconverted from time to time. Fully registered bonds shall be converted into bonds in coupon form of the same or

different denominations by preparation and substitution of new bonds with all privileges

of registration, conversion and reconversion, and bearing the same rate of interest

and being otherwise of the same tenor as the original bonds. Any conversion or reconversion of fully registered bonds shall be pursuant to resolution

of the governing body, which shall set forth the written request of the registered

owner or his authorized attorney or legal representative, and the date, maturities,

interest rate, denomination and numbers of the old and the new bonds. Any new bonds issued hereunder shall be signed by such officers in office at the

time of such conversion or reconversion, or the authorization thereof, and any new

coupons shall be authenticated by the facsimile signature of such present or former

financial officer as the governing body may designate. The governing body, by resolution, may authorize a new coupon bond to replace any

outstanding bond prior to its maturity. The new bond shall be of substantially the same form and tenor as the outstanding

bond, except that (1) the new bond may be a bond payable to bearer with 2 or more

coupons attached for the payment to the several bearers thereof of a portion of each

installment of the interest to become due thereon at or prior to the maturity thereof,

(2) the rate or rates of interest on the new bond and the aggregate amount of any

installment of interest to become due thereon at or prior to maturity thereof may

be less than such rate and aggregate amount, respectively, with regard to the outstanding

bond, and (3) the new bond shall be signed by such officers in office at the time

such new bond is issued or is authorized to be issued, and the new coupons shall bear

the facsimile signature of such present or former financial officer as the governing

body may designate, and (4) the new bond may be made registerable as to principal

only, or as to both principal and all interest payable thereon, or as to both principal

and interest represented by any particular coupon or coupons. There shall be endorsed on the new bond substantially the following statement:

“This bond has been revised as to form and reissued as of the ․․․․․․․․․․ day of ․․․․․․․․․․, 19․․․”, in which statement shall be inserted the date of issuance of the new bond or any

earlier date not previous to the last preceding date of payment of interest on the

outstanding bond. A new bond shall not be issued unless the outstanding bond shall be presented and

surrendered with a written request for its reissuance. Upon effecting the issuance of any new bond, the officer effecting the same shall

execute and file a certificate identifying the bond in the office of the clerk.