Interest Rate Reduction Waiver Application Form

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Instructions for Completing the Interest Rate Reduction Waiver Application Form

These instructions apply to both the prospective project and retro bond lists on the form.

 

Column titled: Are you applying for a waiver for this project/bond?

This is a required field for every prospective project and retro bond listed on the form:

Form cannot be saved without a response to this question for every listed prospective project / retro bond amortization.
 

A.Choose "No, not cost beneficial to apply" if the estimated aid impact over the remaining life of the project/bond is so small that you definitely will not apply for a waiver for this project/bond now or in the future.
 

B.Choose "No, this is not eligible for waiver" if you definitely will not apply for a waiver for this project/bond because you are certain that it is not eligible for a waiver; for example, you could have refinanced the debt but have not/do not intend to so before the start of the interest rate reduction implementation year.
 

C.Choose "Yes" from the drop down to apply for a waiver. If "yes" is chosen, responses must be provided to at least the next two columns and the 'call date' column if reason #2 is selected. This is the only response to this question that can result in a preliminary waiver approval.
 

D.Choose "Yes, but not at this time" if you definitely will apply for a waiver for this project/bond, but for some reason cannot complete the other columns at this time. SED requests that districts choose the "Yes" option (C.) and apply for waivers at the time of original Form FB Certification if at all possible, and only choose "Yes, but not at this time" if absolutely necessary. If this option is chosen, please revise the form to apply for the waivers as soon as possible.

Only the selection of "Yes" requires additional items to be completed for the project/bond. If option A, B or D is chosen for a listed project/bond, no additional information is required on that row and you should move to the next listed project/bond.

 

Column titled: Date of bond issue currently financing this project

This is a required field for every project/bond for which "Yes" (option C above) was chosen. The form cannot be saved if "Yes" was chosen and this item is left blank. Date must be entered in mm/dd/yyyy format to be accepted. Do not attempt to enter data in this column for any project/bond for which option A, B or D above was chosen.

 

For each prospective project for which option C above was chosen, please enter the issue date of the bond currently financing the project. For each retro bond for which option C above was chosen, please enter the issue date of the bond currently associated with the original bond. This may be the same issue date as the original bond issue date displayed, or more likely, the issue date of a bond that has refinanced the original bond.

 

Column titled: Reason for waiver request

This is a required field for every project/bond for which "Yes" (option C above) was chosen. The form cannot be saved if "Yes" was chosen and this item is left blank. Do not attempt to enter data in this column for any project/bond for which option A, B or D above was chosen.

 

For each project/bond for which option C above was chosen, please select from the dropdown box the applicable reason by which you are precluded by state and/or federal law from refinancing. The dropdown box contains slightly abbreviated versions of the reasons; Full text of the numbered reasons appears at the top of the form.

 

If you have any question about which reason you should choose, or if you have any situation(s) / reasons for a waiver that do not fit with the options provided in the dropdown box, please contact Louise Gallerie in the State Aid Office.

 

Column titled: Call date

For each project / bond for which you selected reason #2 from the list, enter the call date of the refunding bond. This data should represent the earliest possible date that the bond currently funding the prospective project, or currently associated with the original retro bond, could be refinanced.

 

This is a required field for every project/bond for which Waiver Reason #2 was selected: "Already refinanced; additional advance refunding not permitted. Bond not currently callable until future date". The form cannot be saved if Reason #2 was chosen and no call date is provided. Date must be entered in mm/dd/yyyy format to be accepted.

 

Do not attempt to enter a date in this column for any project/bond for which option A, B or D above was chosen, or for any project/bond for which Waiver Reason #1, #3 or #4 was chosen.

 

Column titled: Waiver Approved? (Preliminary)

"N" for No will display in this column immediately upon selection of option A, B or D in response to the question: "Are you applying for a waiver for this project/bond?" Unless and until the district revises the form by selecting "Yes" from the dropdown box to actually apply for a waiver, and providing the necessary information, no application has been received and no waiver has been preliminarily approved.

 

"Y" for Yes will display for any project / bond for which "Yes" has been selected and necessary information has been provided. However, the Y will not appear until the form has been successfully saved. To successfully save the form, every project/bond displayed requires at least a response to the column titled "Are you applying for a waiver", and additional information if the response selected is "Yes."

 

Note that approval is preliminary, pending possible SED review & request for additional information/documentation or other SED inquiry about the information provided.

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