Successful bidders for new issues of bonds and notes of the State shall make payment of the unpaid balance of the purchase price to the State or its fiscal agent by check, draft, electronic transfer of Federal funds check as determined by the State and the successful bidder. Payment for bonds shall be in clearinghouse funds or immediately available funds. Payment for notes shall be made in immediately available funds. Checks and drafts shall be certified and drawn upon a bank or trust company in the City of Albany or in the City of New York, and shall be payable to the order of the “Comptroller of the State of New York.”

The State fiscal agent will deliver bonds (in registered form) of a new State issue to each registered owner, which may be a securities depository or its nominee, of such bonds, upon payment in full of the purchase price thereof.

The State fiscal agent or issuing paying and tender agent, will deliver notes of a new State issue in registered form where the maturity is one year or greater, to each registered owner, which may be a securities depository or its nominee, of such notes, upon payment in full of the purchase price thereof. When the maturity of a new State issue is less than one year, the State fiscal agent or issuing paying and tender agent may deliver such notes in registered form or bearer form.