Waivers from 2014-15 Interest Rate Recalibration

Education law requires the commissioner to revise the assumed amortization schedule for remaining debt service payments for outstanding principal and interest at the end of each 10 year  segment of an assumed amortization if the current interest rate is at least one quarter percent (.25) lower than the original interest rate for the assumed amortization. A waiver from the interest rate reduction may be granted by the commissioner if the district can demonstrate that it is precluded by state or federal law, rule or regulation from refinancing. Waiver requests submitted prior to November 15th, 2013 have been reviewed by the State Aid Office. 

Click below to see a spreadsheet displaying the waiver approval status for the retro bond assumed debt service subject to recalibration in 2014-15.
https://stateaid.nysed.gov/build/xls_docs/retro_bonds_subj_to_2014-15_interest_rate_change_feb_2014_waiver_status.xls

Click below to see a spreadsheet displaying the waiver approval status for the prospective projects subject to recalibration in 2014-15.
https://stateaid.nysed.gov/build/xls_docs/prospective_projects_subj_to_2014-15_interest_rate_change_feb_2014_waiver_status.xls

Waiver requests submitted for borrowings for which  aid  on the  assumed aidable debt service associated with the borrowing ends in the 2013-14 aid year or a prior aid year are not included in the spreadsheets above. Such borrowings do not require a waiver since the assumed amortizations associated with them will have ended and will not generate any aid in the 2014-15 aid year or beyond.

Waiver requests received by 11/15/13 but which require more documentation  for SED to make an approval determination appear as "NEED MORE INFO" in the ‘Waiver Status’ column. These districts should use the NYSED OMSSAMS email address to submit the requested additional documentation or to advise if no additional documentation will be submitted. Please refer to waiver submission requirements provided in the 11/26/13 posting:
https://stateaid.nysed.gov/build/html_docs/interest_rate_recalibration_nov2013.htm

Districts are advised to check both spreadsheets above to see the complete list of retro borrowing assumed debt service and prospective projects for their districts subject to redo in 2014-15 aid year. If the waiver status fields are blank, no waiver request was submitted for those items prior to 11/15/2013. If the district seeks a waiver for these items, a waiver approval application must be submitted. Please refer to the 11/26/13 posting:
https://stateaid.nysed.gov/build/html_docs/interest_rate_recalibration_nov2013.htm

All waiver applications must be received by May 1, 2014 for retro and prospective amortizations scheduled to have interest rates reset for the 2014-15 aid year. Incomplete waiver applications will result in delayed processing. Questions should be emailed to OMSSAMS@MAIL.NYSED.GOV