N.Y. Comp. Codes R. & Regs. tit. 2 § 100.5

Current through Register Vol. 46, No. 50, December 11, 2024

Section 100.5 - Payment of interest

(a) Interest on coupon bonds. Interest on State coupon bonds will be paid in clearing house funds from monies supplied by the State for that purpose upon surrender of the appropriate coupons on or after the due date thereof to the State fiscal agent.

(b) Interest on registered bonds: closing of transfer books. Interest due on registered bonds will be paid in clearinghouse funds or immediately available funds from monies supplied by the State. Interest will be paid (1) by check mailed at the close of the business day next preceding the interest due date to or on the order of the registered owner whose name and address appear on the registration books of the State fiscal agent, or issuing, paying and tender agent on the record date, or (2) by electronic transfer in immediately available funds to a securities depository. The State fiscal agent or issuing, paying and tender agent may offer electronic transfer for interest payments. The record date with respect to each payment of interest shall be 15 days prior to such interest payment date. Orders for the payment of interest on registered bonds to a person other than the registered owner thereof must be filed with the State fiscal agent or issuing, paying and tender agent. Such orders shall be signed by or on behalf of the registered owner, and the signature shall be guaranteed by:

(1) a bank, trust company, savings banks, savings and loan association, or federally or State-chartered credit union located and authorized to do business in the State of New York,

(2) a member firm of the New York Stock Exchange; or

(3) such other guarantor as shall be acceptable to the State fiscal agent.

The transfer books with respect to any issue of State bonds may be closed by the State fiscal agent, in its discretion, for a period not exceeding 30 days next preceding the interest due date on such issue.

(c) Interest on notes. Interest due on State notes is payable in immediately available funds at maturity concurrently with payment of the principal thereof, upon surrender of the notes in accordance with section 100.6 of this Part.

N.Y. Comp. Codes R. & Regs. Tit. 2 § 100.5