The agency selling and issuing the bonds of a municipality, school district or district corporation may issue interim bonds pending the printing or engraving and delivery of bonds in definitive form. Such interim bonds shall be of substantially the same form and tenor as the definitive bonds, except that they shall also provide that they are exchangeable for the definitive bonds when such bonds are ready for delivery, and if such definitive bonds are coupon bonds, the interim bonds need not have coupons attached but may provide for the payment of interest upon their presentation for notation of such payment thereon. Such interim bonds may be issued in such denominations as the purchaser may request, which may be one denomination equal to the principal amount of the bond issue.
New York Legal Code