INTEREST RATES FOR ASSUMED AMORTIZATIONS
| Stage | Date of Calculation6 | Other Than Big 5 | Buffalo | Rochester | Syracuse | Yonkers | NYC8 | |
|---|---|---|---|---|---|---|---|---|
| Big 4 | ||||||||
| Retro Projects1,4,5 | ||||||||
| Prelim. | Spring 2002 | 4.500% | ||||||
| Final3 | Sept 2002 | 4.500%2 | 4.750% | 4.250% | 5.375% | 4.625% | ||
| Prospective Projects1,7 | ||||||||
| CAD* 7/1/24 - 6/30/25 |
Prelim | Sept-2024 | 3.750% | 2.875% | 3.500% | 3.750% | 4.000% | 4.375% |
| Final | ||||||||
| CAD* 7/1/23 - 6/30/24 |
Prelim | Sept-2023 | 3.500% | 3.500% | 2.625% | 3.500% | 3.375% | 3.625% |
| Final | Sept-2024 | 3.750%49 | 2.875% | 3.500% | 3.750%50 | 4.000% | 4.375% | |
| CAD* 7/1/22 - 6/30/23 |
Prelim | Sept-2022 | 2.125% | 2.125% | 2.000% | 2.125% | 3.000% | 2.750% |
| Final | Sept-2023 | 3.500%46 | 3.500%47 | 2.625% | 3.500%48 | 3.375% | 3.625% | |
| CAD* 7/1/21 - 6/30/22 |
Prelim | Sept-2021 | 1.500% | 1.125% | 2.125% | .3750% | 2.125% | 2.500% |
| Final | Sept-2022 | 2.125%43 | 2.125%44 | 2.000% | 2.125%45 | 3.000% | 2.750% | |
| CAD* 7/1/20 - 6/30/21 |
Prelim | Sept-2020 | 1.875% | 1.875% | 2.375% | 2.125% | 3.000% | 2.750% |
| Final | Sept-2021 | 1.500%42 | 1.125% | 2.125% | .3750% | 2.125% | 2.500% | |
| CAD* 7/1/19 - 6/30/20 |
Prelim | Sept-2019 | 2.500% | 2.500% | 3.000% | 3.000% | 1.875% | 3.000% |
| Final | Sept-2020 | 1.875%40 | 1.875%41 | 2.375% | 2.125% | 3.000% | 2.750% | |
| CAD* 7/1/18 - 6/30/19 |
Prelim | Sept-2018 | 2.500% | 2.500% | 2.875% | 3.625% | 2.625% | 3.250% |
| Final | Sept-2019 | 2.500%38 | 2.500%39 | 3.000% | 3.000% | 1.875% | 3.000% | |
| CAD* 7/1/17 - 6/30/18 |
Prelim. | Sept-2017 | 2.000%35 | 2.250% | 1.125% | 2.000% | 3.625% | 3.000% |
| Final | Sept-2018 | 2.500%36 | 2.500%37 | 2.875% | 3.625% | 2.625% | 3.250% | |
| CAD* 7/1/16 - 6/30/17 |
Prelim. | Sept-2016 | 2.000%34 | 2.000%12 | 2.125% | .500% | 2.250% | 3.000% |
| Final | Sept-2017 | 2.000%35 | 2.250% | 1.125% | 2.000% | 3.625% | 3.000% | |
| CAD* 7/1/15 - 6/30/16 |
Prelim. | Sept-2015 | 2.125%30 | 2.125% | 2.750% | 3.250% | 2.500% | 3.375% |
| Final | Sept-2016 | 2.000%34 | 2.000%32 | 2.125% | .500% | 2.250% | 3.000% | |
| CAD* 7/1/14 - 6/30/15 |
Prelim. | Sept-2014 | 2.250%28 | 2.250% | 2.250% | 1.750% | 2.250% | 2.875% |
| Final | Sept-2015 | 2.125%30 | 3.000% | 2.750% | 3.250% | 2.500% | 3.375% | |
| CAD* 7/1/13 - 6/30/14 |
Prelim. | Sept-2013 | 2.250%26 | 2.250%12 | 2.875% | 2.250% | 2.250% | 2.625% |
| Final | Sept-2014 | 2.250%28 | 2.250%29 | 2.250%29 | 1.750% | 2.250%29 | 2.875% | |
| CAD* 7/1/12 - 6/30/13 |
Prelim. | Sept-2012 | 2.375%25 | 3.000%12 | 3.875% | 2.125% | 2.375% | 3.125% |
| Final | Sept-2013 | 2.250%26 | 3.625% | 2.875% | 2.250%27 | 2.250% | 2.625% | |
| CAD* 7/1/11 - 6/30/12 |
Prelim. | Sept-2011 | 2.625%33 | 4.375%12 | 2.625%24 | 4.125% | 3.375% | 3.750% |
| Final | Sept-2012 | 2.375%25 | 3.250% | 3.875% | 2.125% | 2.375% | 3.125% | |
| CAD* 7/1/10 - 6/30/11 |
Prelim. | Sept-2010 | 3.000%22 | 4.625%12 | 3.750% | 3.000%23 | .375% | 3.750% |
| Final | Sept-2011 | 2.625%33 | 4.375% | 2.625%24 | 4.125% | 3.375% | 3.750% | |
| CAD* 7/1/09 - 6/30/10 |
Prelim. | Sept-2009 | 3.500%20 | 4.250%12 | 3.500%21 | 3.500%21 | 2.250% | 4.875% |
| Final | Sept-2010 | 3.000%22 | 4.625%12 | 3.750% | 3.000%23 | .375% | 3.750% | |
| CAD* 7/1/08 - 6/30/09 |
Prelim. | Sept-2008 | 3.625%19 | 4.750%12 | 3.000% | 4.750% | 4.125% | 3.875% |
| Final | Sept-2009 | 3.500%20 | 4.250%12 | 3.500%21 | 3.500%21 | 2.250% | 4.875% | |
| CAD* 7/1/07 - 6/30/08 |
Prelim. | Sept-2007 | 3.875%17 | 4.375%12 | 3.875% | 4.125% | 4.375% | 4.625% |
| Final | Sept-2008 | 3.625%19 | 4.750%12 | 3.000% | 4.750% | 4.125% | 3.875% | |
| CAD* 7/1/06 - 6/30/07 |
Prelim. | Sept-2006 | 4.000%16 | 4.750%12 | 3.875% | 4.500% | 3.875% | 5.250% |
| Final | Sept-2007 | 3.875%17 | 4.375%12 | 3.875%18 | 4.125% | 4.375% | 4.625% | |
| CAD* 7/1/05 - 6/30/06 |
Prelim. | Sept-2005 | 3.875%14 | 4.625%12 | 3.125% | 4.000% | 2.250% | 4.375% |
| Final | Sept-2006 | 4.000%16 | 4.750%12 | 3.875% | 4.500% | 3.875% | 5.250% | |
| CAD* 7/1/04 - 6/30/05 |
Prelim. | Sept-2004 | 3.875% | 4.750%12 | 3.250% | 3.875% | 3.375% | 4.625% |
| Final | Sept-2005 | 3.875%14 | 4.625%12 | 3.125% | 4.000% | 2.250% | 4.375% | |
| CAD* 7/1/03 - 6/30/04 |
Prelim. | Sept-2003 | 3.875%9 | 4.375% | 1.875% | 3.875% | 3.375% | 4.000% |
| Final | Sept-2004 | 3.875%13 | 4.750%12 | 3.250% | 3.875% | 3.375% | 4.750% | |
| CAD* 7/1/02 - 6/30/03 |
Prelim. | Sept-2002 | 4.500%2 | 4.750% | 4.250% | 5.375% | 4.625% | 5.250% |
| Final | Sept-2003 | 3.875%9 | 4.375% | 3.875%15 | 3.875%10 | 3.875% | 4.875% | |
| CAD* 7/1/01 - 6/30/02 |
Prelim. | Spring-2002 | 4.500% | 4.750% | 4.250% | 5.375% | 4.625%11 | 6.375% |
| Final3 | Sept-2002 | 4.500%2 | 4.750% | 4.250% | 5.375% | 4.625%11 | 5.125% | |
* Commissioner's Approval Date (The statewide average interest rate for prospective projects will be assigned to projects based on CAD, and will remain the same for the term of the assumed amortization, except as indicated in note #3 below.)
Footnotes
1 Retro projects: Existing projects subject to retroactive assumed amortization are projects approved prior to December 1, 2001 by the Office of Facilities Planning and for which debt (bonds, bond anticipation notes or capital notes) was issued prior to such date.
Prospective projects: Projects subject to prospective assumed amortization are projects approved on or after December 1, 2001 by the Office of Facilities Planning or projects approved prior to December 1, 2001 but for which no debt (bonds, bond anticipation notes or capital notes) was issued prior to such date.
2 This statewide average rate was calculated in September 2002 based on amortization schedules for all amortized debt incurred by school districts between 7/1/01 and 6/30/02, excluding debt issued by DASNY.
3 Pursuant to Education Law 3602 6.e.(5)(c), at the end of each ten year segment of an assumed amortization established for a retro or prospective project, the remaining scheduled assumed semi-annual payments will be revised based on the interest rate applicable for the current year, if the difference between the current year interest rate and the interest rate upon which the original assumed amortization is based exceeds one quarter of one-one hundredth.
4 Assumed aidable debt service associated with retro projects, where debt associated with such projects has been refinanced via an agreement with the Dormitory Authority of the State of New York (DASNY), will be calculated using the interest rate applicable to the obligations issued by DASNY.
5 Assumed aidable debt service associated with the costs of refinancing debt for retro projects, where refinancing has occurred via an agreement with the Dormitory Authority of the State of New York (DASNY), will be calculated using the interest rate applicable to the obligations issued by DASNY.
6 Pursuant to Education Law Section 3602b6.e.5 (6) amortization schedules for all debt incurred between July 1 and June 30 of each school year (excluding debt issued by DASNY) must be received by SED by September 1. Example: Information on borrowings between 7/1/02 and 6/30/03 must be on file with SED by 9/1/03.
7 If a district enters into an agreement with DASNY for the purpose of financing a prospective project, the DASNY interest rate will be used in the calculation of the assumed amortization schedule for the project.
8 New York City rates are calculated pursuant to Education Law Sections 3602 6.e.(1) and 3602 6.e.(2).
9 Explanation of calculation. The statewide interest rate (3.875%) is calculated from all bonds and BANS issued from July 1, 2002 through June 30, 2003 (NYC, other BIG5 districts and DASNY borrowings not included).
The interest to be paid (from each amortization schedule) is summed. Any accrued interest or premiums are deducted and the resulting amount is added to the statewide interest paid accumulator. This accumulator is the numerator for the statewide calculation.
The denominator comes from a calculation that involves the year of amortization and the principal payment for that year. These fields are multiplied together and the result for each line of the amortization schedule is summed to a total field for the debt instrument. This total field is then added to a statewide total field for principal * year.
The statewide rate calculation is the (numerator / denominator) times 100. The result is then rounded to the nearest 1/8 of one percent for the actual statewide interest rate: 3.875%.
See following page for a sample calculation.
10 This rate applies except for the following projects: 421800-0005-005 - .04875; 421800-0014-005 - .04875.
11 This rate applies except for the following projects: 662300-0031-003 - .03625; 662300-0202-008 - .03625; 662300-0233-004 - .03625.
12 Pursuant to special legislation, the aid calculation for certain projects for the city of Buffalo may be based on a different interest ratio.
13 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2003 through June 30, 2004 (NYC, other Big 5 city districts and DASNY borrowings not included). (See Note #9 above for more detail.)
14 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2004 through June 30, 2005 (NYC, other Big 5 city districts and DASNY borrowings not included). (See Note #9 above for more detail.)
15 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Rochester for all projects with a CAD between 7/1/02 - 6/30/03 will be the 2002-03 Statewide Average Interest Rate.
16 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2005 through June 30, 2006 NYC, other B5, City districts and DASNY borrowings not included). (See note #9 above for more detail)
17 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2006 through June 30,2007 (NYC, other B5, City districts and DASNY borrowings not included). (See note #9 above for more details).
18 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Rochester for all projects with a CAD between 7/1/06-6/30/07 will be the 2006-07 Statewide Average Interest Rate.
19 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2007 through June 30, 2008 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details).
20 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2008 through June 30, 2009 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details).
21 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Rochester and Syracuse for all projects with a CAD between 7/1/08-6/30/09 will be the 2008-09 Statewide Average Interest Rate.
22 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2009 through June 30, 2010 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
23 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Syracuse for all projects with a CAD between 7/1/09-6/30/10 will be the 2009-10 Statewide Average Interest Rate.
24 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Rochester for all projects with a CAD between 7/1/10-6/30/11 will be the 2010-11 Statewide Average Interest Rate.
25 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2011 through June 30, 2012 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
26 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2012 through June 30, 2013 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
27 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Syracuse for all projects with a CAD between 7/1/12-6/30/13 will be the 2012-13 Statewide Average Interest Rate.
28 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2013 through June 30, 2014 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
29 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Buffalo, Rochester and Yonkers for all projects with a CAD between 7/1/13-6/30/14 will be the 2013-14 Statewide Average Interest Rate.
30 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2014 through June 30, 2015 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
32 Pursuant to Education Law 3602.6e(5)(a) regarding the Big 4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/15-6/30/16 will be the 2015-16 Statewide Average Interest Rate.
33 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2010 through June 30, 2011 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
34 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2015 through June 30, 2016 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
35 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2016 through June 30, 2017 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
36 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2017 through 6/30/18 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
37 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/17-6/30/18 will be the 2017-18 Statewide Average Interest Rate.
38 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2018 through 6/30/19 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
39 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/18-6/30/19 will be the 2018-19 Statewide Average Interest Rate.
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40 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2019 through 6/30/20 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
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41 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/19-6/30/20 will be the 2019-20 Statewide Average Interest Rate.
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42 This statewide average interest rate was calculated from all bonds and BANS issued from July 1,2020 through 6/30/21 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
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43 This statewide average interest rate was calculated from all bonds and BANS issued from July 1,2021 through 6/30/22 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
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44 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/21-6/30/22 will be the 2021-22 Statewide Average Interest Rate.
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45 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Syracuse for all projects with a CAD between 7/1/21-6/30/22 will be the 2021-22 Statewide Average Interest Rate.
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46 This statewide average interest rate was calculated from all bonds and BANS issued from July 1,2022 through 6/30/23 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
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47 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Buffalo for all projects with a CAD between 7/1/22-6/30/23 will be the 2022-23 Statewide Average Interest Rate.
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48 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Syracuse for all projects with a CAD between 7/1/22-6/30/23 will be the 2022-23 Statewide Average Interest Rate.
49 This statewide average interest rate was calculated from all bonds and BANS issued from July 1, 2023 through 6/30/24 (NYC, other B5 City Districts and DASNY borrowings not included). (see note #9 above for more details)
50 Pursuant to Education Law 3602.6e(5)(a) regarding the Big4 interest rate calculations, the rate for Syracuse for all projects with a CAD between 7/1/23-6/30/24 will be the 2023-24 Statewide Average Interest Rate.