New York Codes, Rules and Regulations
Title 2 - DEPARTMENT OF AUDIT AND CONTROL
Chapter V - Public Authorities
Part 204 - Accounting And Reporting For Public Authorities That Issue State-supported Debt
Section 204.4 - Submission of documents and information after the issuance of debt
Universal Citation: 2 NY Comp Codes Rules and Regs ยง 204.4
Current through Register Vol. 46, No. 39, September 25, 2024
Within 15 days after the date of issuance, the issuer of debt shall furnish to the State Comptroller the following information:
(a) a copy of the official statement for the debt issuance in electronic document form;
(b) a schedule of sources and uses of proceeds associated with the debt that clearly sets forth:
(1) any market premium or market
discount;
(2) the amount of debt
proceeds to be used to pay issuance costs excluding underwriters' discount and
State bond issuance fees;
(3) the
amount of proceeds to be used to pay State bond issuance fees;
(4) the amount of proceeds to be used to pay
the underwriters' discount;
(5) the
amount of proceeds to be deposited to the project proceeds account;
(6) the amount of proceeds to be deposited to
a reserve fund that could be used to pay debt service; and
(7) the amount of proceeds to be deposited to
an account that will be used to make debt service payments;
(c) a schedule of future debt service payments associated with the debt, in electronic format, including:
(1) future principal payments by payment
date;
(2) future interest expected
to be paid by payment date at rates in effect on the date of
issuance;
(3) future swap agreement
receipts expected to be received by anticipated receipt date based upon rates
in effect on the date of issuance;
(4) future swap agreement payments expected
to be paid by payment date based upon rates in effect on the date of issuance;
and
(5) an estimate of any future
fees or expenses expected to be incurred in relation to the debt
issuance.
(d) additionally, for refunded debt, a schedule of future cash flows associated with the debt, in electronic format, including:
(1) the source and amount of funds (other
than proceeds of the refunding debt issue) to be used in the
refunding;
(2) the par amount of
bonds refunded, by payment date;
(3) the refunded debt service, by payment
date;
(4) the amount of the deposit
to the escrow agent for payment of the refunded debt;
(5) the refunding debt service, by payment
date;
(6) the annual gross cash
flow savings or dis-savings as the difference between the refunding and
refunded debt service; and
(7) the
present value savings of the cash flow savings discounted at the effective
interest rate and adjusted by deducting any funds used in the refunding that
were not obtained from proceeds of the refunding debt issue.
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