N.Y. Comp. Codes R. & Regs. tit. 9, Appendices, app S-9

Current through Register Vol. 46, No. 53, December 31, 2024

Appendix S-9

EXHIBIT 1

SUMMARY OF ACCOUNTING ENTRIES

FINANCING STATE-AIDED PUBLIC HOUSING

1. Contract for State Aid (Loan Contract) is executed.

No entry.

2. Resolution authorizing the contracting of indebtedness is passed.

Debit: Account 2312, Certificates of Indebtedness Unissued $XXX

Credit: Account 2311, Certificates of Indebtedness Authorized $XXX

3. Resolution authorizing the execution of Requisition Agreement and the issuance of Advance Loan Notes in the aggregate maximum principal amount of the Loan

Contract is passed.

No entry.

4. Resolution authorizing the execution of a Requisition Agreement and the execution and deposit, in escrow, of an Advance Loan Note as security for an issue of Tempo-

rary Loan Notes is passed.

No entry.

5. Resolution authorizing an issue of Temporary Loan Notes is passed.

No entry.

6. Proceeds of issue of Temporary Loan Notes are received. (Initial Issue)

Debit: Account 1111, Development Fund $XXX

Credit: Account 2120, Temporary Loan Notes Payable $XXX

7. Temporary Loan Notes outstanding are refinanced by another issue of Temporary

Loan Notes.

(a) If the new notes are for the same amount as the old notes, no entry is required, except for the payment of interest out of funds on hand.

(b) New notes are for larger amount than old notes.

Debit: Account 1111, Development Fund $XXX

Debit: Account 2132.2, Accrued Interest Payable--

Temporary Loan Notes XXX

*Credit: Account 2120, Temporary Loan Notes Payable $XXX

*For difference between principal amounts of old and new notes.

(c) New notes are for smaller amount than old notes.

Debit: Account 2132.2, Accrued Interest Payable--

Temporary Loan Notes XXX *Debit: Account 2120, Temporary Loan Notes Payable XXX

Credit: Account 1111 Development Fund $XXX

*For difference between principal amounts of old and new notes.

8. Proceeds of issue of short-term notes by the State are received.

Debit: Account 1111, Development Fund $XXX

Credit: Account 2312, Certificates of Indebtedness Unissued $XXX

9. Proceeds of issue of short-term notes by the State are applied to payment of prin-

cipal of and interest on Temporary Loan Notes.

(a) Proceeds pass through project's Development Fund.

(1) Make Entry 8 for receipt of proceeds

EXHIBIT 1 (continued)

(2) Debit: Account 2120, Temporary Loan Notes Payable $XXX

Debit: Account 2132.2, Accrued Interest Payable--

Temporary Loan Notes $XXX

Credit: Account 1111, Development Fund $XXX

(b) Proceeds do not pass through project's Development Fund, but are applied directly.

Debit: Account 2120, Temporary Loan Notes Payable $XXX

Debit: Account 2132.2, Accrued Interest Payable--

Temporary Loan Notes $XXX

Credit: Account 2312, Certificate of Indebtedness

Unissued $XXX

10. Division notifies Local Agency that Comptroller has sold bonds.

*Debit: Account 1123, State Housing Fund $XXX

Credit: Account 2314, Certificates of Indebtedness Subscribed $XXX

*For difference between bond issue and amount, if any, advanced by State out of the proceeds of short-term note issue by the State.

11. Division remits proceeds of bond issue.

Debit: Account 1111, Development Fund $XXX

Credit: Account 1123, State Housing Fund $XXX

12. Local Agency issues Certificates of Indebtedness for proceeds of bond issue.

Debit: Account 2314, Certificates of Indebtedness Subscribed $XXX

Credit: Account 2312, Certificates of Indebtedness Unissued $XXX

13. Proceeds of bond issue are applied to payment of principal of, and interest on,

Temporary Loan Notes.

(a) Proceeds pass through project's Development Fund.

(1) Make Entry 11 for receipts of proceeds.

(2) Make Entry 12 for issue of Certificate of Indebtedness.

(3) Make Entry 9 (a) (2) for payment of the principal and interest.

(b) Proceeds do not pass through project's Development Fund, but are applied directly.

(1) Debit: Account 2120. Temporary Loan Notes Payable $XXX

Debit: Account 2132.2, Accrued Interest Payable--

Temporary Loan Notes $XXX

Credit: Account 1123, State Housing Fund $XXX

(2) Make Entry 12 for issue of Certificate of Indebtedness

14. Division notifies Local Agency as to amount of premium on the bonds.

Debit: Account 1124, State Housing Debt Fund $XXX

Credit: Account 1420.8, Premium on State

Housing Bonds $XXX

15. Division notifies Local Agency as to cost of borrowing.

Debit: Account 1420.7, Cost of Borrowing $XXX

Credit: Account 1111, Development Fund $XXX

N.Y. Comp. Codes R. & Regs. tit. 9, Appendices, app S-9