§ 4651. Exchange of coupon bonds

The governing body of the governmental unit may provide for the exchange of coupon bonds for fully registered bonds and of fully registered bonds for coupon bonds and for the exchange of the bonds after issuance for bonds of larger or smaller denominations, all according to the proceedings authorizing their issuance, provided the bonds in changed form or denominations are exchanged for the surrendered bonds in the same aggregate principal amounts and in a manner that no overlapping interest is paid, and the bonds in changed form or denominations bear interest at the same rate or rates and mature on the same date or dates as the bonds for which they are exchanged. When any exchange is made under this section the bonds surrendered by the holders at the time of the exchange shall be cancelled. The exchange may be made only at the request of the holders of the bonds to be surrendered. The governmental unit may require all expenses incurred in connection with the exchange to be paid by the holders. If any of the officers whose signatures appear on the bonds or coupons cease to be officers before the delivery of the bonds, their signatures shall be valid for all purposes, as if they had remained in office. (Added 1969, No. 216 (Adj. Sess.), § 3, eff. March 27, 1970.)