9 CRR-NY App. S-9NY-CRR

OFFICIAL COMPILATION OF CODES, RULES AND REGULATIONS OF THE STATE OF NEW YORK
TITLE 9. EXECUTIVE DEPARTMENT
9 CRR-NY App. S-9
9 CRR-NY App. 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
9 CRR-NY App. S-9
Current through September 15, 2021
End of Document