Help for Schedule F6 (Bus Purchase Amortization)

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Schedule F6 Report of Amortization Schedules for Bus Purchase Debt Issued between 07/01/16 and 06/30/17.

Use Schedule F6 to report all bus purchase borrowings made between July 1, 2016 and June 30, 2017. Pursuant to Education Law 3602 7.e, all borrowings must be reported to SED by September 1 following the school year in which the borrowing was issued.  (Example: Borrowings issued between 7/1/16 and 6/30/17 must be reported by 9/1/17). Enter only new borrowings, do not include borrowings that were issued in previous years.

 

Any Schedule F6 that is submitted late will be rejected back to the district and the data will not be used in the calculation of the statewide average interest rate.

 

This schedule must be completed only for borrowings made between July 1, 2016 and June 30, 2017. This information is necessary to calculate the statewide average interest rate used for the assumed amortization of certain transportation capital expenses. The actual debt service reported on this schedule will not be used as a basis for payment, it will only be used to calculate the statewide average interest rate.

 

First Column -  this column indicates the total amount of the debt instrument (bond, BAN, BAN renewal, capital note) used to finance bus purchases. If more than one bus was purchased from the instrument, the total amount of the issue, not the amount for any particular bus, should be listed.
Note: BANS and BAN renewals must be reported.
 

Second Column - Date of Borrowing - This is the official date that the debt instrument was issued to the school district. Please indicate date in the MM/DD/YYYY format. This date is the date of borrowing, not the delivery date. Do not enter any borrowing dates before 7/1/16 or after 6/30/17.

 
Interest Rate - Beneath the date of borrowing enter the interest rate for the debt instrument.  For example, enter five and one quarter percent interest rate as 5.250.
 

Third-Eighth Columns - In these columns indicate the total principal and interest payments for the life of the debt instrument. For each reported principal payment in the "P=" row, report the associated interest payment in the "I=" row directly below that principal payment. The 8th column can be used if interest payments begin in the first year of the borrowing but principal payments do not begin until the second year.

 
The total principal of columns three through eight must be equal to the amount of borrowing in column one. If it is not equal, please explain the difference in the Schedule F6 Edit Report, Edit 31.  If more than one borrowing needs an explanation, please reference the Borrowing Amount and the Date of Borrowing with the individual comment.

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