The owner of any coupon bond, or of any bond payable to bearer, issued by the State, or any county, municipal corporation, or other public corporation in the State may present the bond to the treasurer or other officer who by law performs the duties of treasurer and request the conversion of the bond into a registered bond.
Chapter 1Registration of Bonds
Section § 5000
If you own a coupon bond or a bond payable to the bearer that was issued by the state or another public entity like a county or city, you have the right to ask the treasurer to convert this bond into a registered bond. This means the bond will have your name on it.
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Section § 5001
This law explains that when a coupon bond is presented, the treasurer (or the person acting as treasurer) has to remove and cancel its coupons. They also need to mark the bond to show that it's registered in the owner's name. From then on, only this registered owner can receive the bond's interest and principal payments.
The treasurer, or officer performing the duties of treasurer, shall cut off and cancel the coupons of a coupon bond so presented, and shall stamp, print, or write upon the back or the face of a coupon or bearer bond so presented a statement to the effect that the bond is registered in the name of the owner, and that thereafter the interest and principal of the bond are payable to the registered owner.
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Section § 5002
This section provides a suggested template for a bond registration statement. It includes the date and the name of the bond owner, indicating that both the interest and principal are payable to that owner. It is signed by the treasurer or another designated officer to make it official.
The statement may be in substantially the following form:
(Date, giving month, year, and day.)
This bond is registered pursuant to the statute in such cases made and provided in the name of (Here insert name of owner) and the interest and principal thereof are heareafter payable to such owner.
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Treasurer (or such other officer)
bond registration statement template interest payment principal payment bond owner treasurer official registration date inclusion payable owner registered bond form structure officer signature registration statute financial instrument bond financing
Section § 5003
Once a bond is officially recorded, only the person listed as the owner can receive payments for the bond's principal and interest.
After any bond is registered, the principal and interest of the bond are payable to the registered owner.
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Section § 5004
This law requires the treasurer, or anyone taking on the treasurer's role, to maintain a book in their office. This book must always display a record of which bonds are registered and the names of their registered owners.
The treasurer, or other officer performing the duties of treasurer, shall keep in his office a book which shall at all times show what bonds are registered and in whose names respectively.
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Section § 5005
This law allows the owner of a registered bond to transfer it to someone else. The transfer can be done either in person or through an attorney. To complete the transfer, the bond must be presented to the treasurer or designated officer and then re-registered to the new owner.
After a bond is registered it may be transferred from time to time by the registered owner, in person or by attorney, on presentation of the bond to the treasurer, or such other officer, and the bond be again registered as before.
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Section § 5006
This section states that when bonds are issued by the state or a municipality, they can be issued as either coupon bonds, registered bonds, or a combination of both. The choice of bond form must be specified in the proceedings that authorize the bond issuance. Additionally, the rules in this chapter specifically apply to coupon bonds issued under these conditions.
Notwithstanding any provision to the contrary in any law or municipal charter authorizing the issuance of bonds, whenever under any statute of the State or any charter of any municipal corporation in the State, any bonds are issued, they may be issued either in the form of coupon bonds, in the form of registered bonds, or some in the form of coupon bonds and some in the form of registered bonds, as may be provided in the proceedings for the issuance of the bonds. The provisions of this chapter apply to coupon bonds so issued.
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Section § 5007
This law allows legislative or governing bodies that issue bonds for any local government or public entity to create their own rules about how those bonds are registered. They can make these rules within an ordinance, resolution, or order, and these rules can differ from existing laws. These rules can cover various aspects like the form of the bonds, changes in registration types, conversion between different forms of bonds, and the payment of costs related to registration changes.
Any legislative or governing body which authorizes the issuance of bonds of any county, city and county, city, municipal corporation, public district, public authority or other public corporation may, in its ordinance, resolution or order providing for the issuance of such bonds, make any provision for or pertaining to the registration of such bonds, which provisions may be different from or supplemental to the provisions of this chapter or any other law pertaining to registration and which may include, but are not limited to, provisions for the original issuance of all or some of such bonds in registered form, for the subsequent registration of any bond issued in coupon form or
payable to bearer, for the form and manner of registration, for registration as to principal only or as to both principal and interest, for changes from one type of registration to another type of registration, for the discharge from registration of any registered bond and for its conversion or reconversion into a coupon bond or bond payable to bearer, for the signature or signatures to be affixed to any new coupons or any new bond issued to accomplish such conversion or reconversion, and for the payment of expenses of registration or of change in or discharge from registration. As used in this section the term “bonds” shall include bonds, warrants, notes and other evidences of indebtedness.
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Section § 5008
This law allows treasurers or similar officers in any county, district, or public corporation within the state to charge a fee for registering bonds. Specifically, they can charge $1 for every $1,000 of the bond's face value. This fee helps cover the costs of extra supplies and staff needed for this process. For state bonds, the State Treasurer sets the fee, but it also can't exceed $1 for every $1,000 of the bond's face value.
The treasurer, or officer performing the duties of treasurer, of any county, district, municipal corporation, or other public corporation in the State shall be entitled for registering a bond to charge and collect a fee of one dollar ($1) for every one thousand dollars ($1,000) of the par value thereof for the purposes of providing the additional supplies and clerical help necessary in complying with this chapter. The fee to be charged the holder of a state bond for registering or reconverting shall be the fee fixed by the State Treasurer, but shall not exceed one dollar ($1) for every one thousand dollars ($1,000) of par value thereof.
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Section § 5009
The law requires that any money the State Treasurer collects under this specific chapter must be deposited into the State Treasury each month and credited to the General Fund.
All moneys received by the State Treasurer under this chapter shall be paid monthly into the State Treasury for credit to the General Fund.
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