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  5. § 204.4 Submission of documents and information after the issuance of debt.

Official Compilation of Codes, Rules and Regulations of the State of New York

Title 2. Department of Audit and Control

§ 204.4 Submission of documents and information after the issuance of debt.

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.