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2008-09 STATE AID HANDBOOK
STATE FORMULA AIDS AND ENTITLEMENTS FOR SCHOOLS
IN NEW YORK STATE AS AMENDED BY CHAPTERS OF THE LAWS OF 2008
The University of the State of New York
THE STATE EDUCATION DEPARTMENT
Office of State Aid
Albany, New York 12234
October 2008
Table of Contents
Introduction and Selected Changes
- Formula Aids for Major Districts
- Foundation Aid*
- Deduction for the Local School District's Share of Education Costs for Certain Students*
- Building Aid*
- Expanding our Children's Education and Learning (EXCEL)
- Reorganization Incentive Aid
- Reorganization Incentive Operating Aid*
- Reorganization Incentive Building Aid*
- Transportation Aid (Non-Capital Only)*
- Aid on Transportation Capital Expense*
- Special Services Aid for Five Large City School Districts and Non-Components of BOCES
- Aid for Career Education*
- Computer Administration Aid*
- Academic Improvement Aid*
- Aids for Educational Technology
- Instructional Computer Hardware and Technology Equipment Aid
- Aid for Computer Software Purchases
- Building Aid for Computer Technology*
- Aid for Instructional Computer Technology Services Purchased as a Shared Service Through a Board of Cooperative Educational Services
- Urban-Suburban Transfer Aid*
- Transitional Aid for Charter School Payments*
- Excess Cost Aids Related to Educational Services for Student With Disabilities Which are Paid in Conjunction with Federal Medicaid Reimbursements
- Supplemental Public Excess Cost Aid for Pupils in Public School and BOCES Placement
- Excess Cost Aid for Pupils in Approved Private School Placements Or in State Operated Schools
- Public High Cost Aid Excess Cost Aid
- Public Excess Cost Setaside
- NYC Set-Aside for Attendance Improvement/Dropout Prevention (AIDP)
- BOCES Aid
- BOCES Services Aid
- BOCES Administrative Aid
- BOCES Due-Save-Harmless Aid
- Payment of BOCES Aid
- Textbook Aid
- Library Materials Aid
- Aid for Conversion to Full Day Kindergarten Program*
- Universal Prekindergarten Grants
- High Tax Aid*
- Employment Preparation Education Aid
- Miscellaneous Aids
- State Aid Payable to School Districts Impacted by School Tax Savings Under the School Tax Relief (STAR) Program
- Summer Component of Twelve Month Programs for Students with Disabilities
- Education Aid for Pupils from the Office of Mental Retardation and Developmental Disabilities
- Incarcerated Youth Aid
- Aid for Education of Homeless or Runaway Pupils
- Academic Enhancement Aid
- Teachers of Tomorrow
- Teacher Resource and Computer Training Centers
- Bilingual Education Grants
- Teacher-Mentor Intern Programs
- Math and Science Initiatives
- School Health Services
- Education of Native Americans
- Aid for Non-Operating Districts
- Aid for Districts with Fewer than Eight Teachers
- Lottery Revenues Used to Fund Apportionments Payable to Public School Districts
- Payment Schedules
- General Aids Payable to School Districts for Aids Identified with a Single Asterisk in the Table of Contents
- Excess Cost Aids Payable to School Districts
- BOCES Aid Payable to BOCES
- Payment Schedule for School Tax Relief Aid (STAR)
- Payment Schedule and Policy Regarding Aid Adjustments Occurring After the Last Scheduled Aid Payments for a Given Year
Appendix A
Explanation of Pupil Counts; Wealth Measures; and Local Expenditures, Measurements, and Adjustments
Appendix B
Acronyms
Appendix C
Calculation of Combined Wealth Ratio and Selected State Sharing Ratio
Appendix D
Sample Calculation of Aid on the Costs of Refinancing Chart
INTRODUCTION AND SELECTED CHANGES
Financial support for public schools came from three sources in 2006-07: the federal government (approximately 6%), state formula aids and grants (approximately 44%), and revenues raised locally (approximately 50%). State aid for public schools comes primarily from the State General Fund (approximately 68%) wherein the major revenue source is state taxes (e.g. income and sales) Of the balance, approximately 20%, comes from STAR and 12% comes from a Special Revenue Fund account supported by lottery receipts.[1] In contrast, the major source of local revenues for education are the tax levied on residential and commercial properties within the boundaries of each school district (approximately 90%), and non-property tax revenues. For the State's five largest cities, commonly referred to as the Big Five (NYC, Rochester, Buffalo, Yonkers and Syracuse), constitutional tax limits require that education revenues come from the total municipal budget as opposed to taxes levied by the school system.[2]
This handbook focuses on the major State formula aids available to school districts during the 2008-09 aid year and includes changes to those formulas enacted by the Legislature for 2008-09. The information and formula amounts contained in the handbook are based on the formulas governing the specified aid categories as enacted by the Legislature as part of the 2008-09 State budget. An explanation of the payment schedules for STAR, excess cost aids, BOCES and other aid categories is provided, as well as an appendix containing the definitions of key terms and a list of State Aid acronyms. Please note that on the home page of the State Aid website (https://stateaid.nysed.gov), you may enter the name of any NYS major public school district and view the formula calculations described in this publication. 2008-09 calculations will be available on the web in fall 2008.
For purposes of the 2008-09 handbook:
Current year = 2008-09 school year
Base year = 2007-08 school year
Year prior to the base year = 2006-07 school year
Following is a summary of major changes to formula aids enacted by the Legislature for 2008-09:
Foundation Aid ($14.9 billion)
Some modification was made to the new general operating aid formula enacted in 2007-08. Foundation Aid increased $1.2 billion over 2007-08, providing districts statewide with approximately 71% of their total computerized State Aid. See Section A for more information.
39 districts must prepare a Contract for Excellence this year. The legislature enacted some changes to the Contract for Excellence criteria and requirements. The combined various reporting requirements of the Contract for Excellence create a vehicle for district accountability for the expenditure of these funds, and for academic results associated with the expenditures. Click here for more information on Contracts for Excellence: www.emsc.nysed.gov/mgtserv/C4E/
Universal Prekindergarten Aid ($450.8 million)
Some modifications were made to the new formula-based Universal Prekindergarten grant enacted in 2007-08. See Section R for more information.
High Tax Aid ($202.3 million)
The High Tax Aid formula was significantly modified in 2008-09. Districts receive the sum of Tier 1, Tier 2 and Tier 3 High Tax Aid. See Section S for more information.
Academic Improvement Aid ($41.9 million)
This new aid supplements Career Education Aid and is available to some districts that are not components of a BOCES. See Section H 3. for more information.
New York City Building Aid
Although there was no change to the Building Aid formula for New York City, aid on 2009-10 approved expenditures for debt service will be limited to aid on estimates of debt service on file with SED in time for inclusion in the November 15th, 2008 database. Debt service expense in excess of that on file by the November 2008 cutoff will be considered 2010-2011 debt service, the aid on which will be paid in a separate payment on July 1, 2010. A similar provision was already in effect for other districts in the State.
I
FORMULA AIDS FOR MAJOR DISTRICTS
A. FOUNDATION AID
[Sections 3602 (2 and 4) and 211-d of the Education Law]
(2008-09 Estimated Total - $14,860.9 Million)
Foundation Aid, first enacted in 2007-08, is the largest unrestricted aid category supporting public school district expenditures in New York State.
Foundation Aid has four main components:
- A State-specified expense per pupil, called the adjusted foundation amount, to which the State and school districts will contribute
- A State-specified expected minimum local contribution per pupil (based on a computed tax rate or local share formula) representing each district’s contribution to the adjusted foundation amount per pupil
- The number of total aidable foundation pupil units (TAFPU) in the district.
- A calculation of Foundation Aid payable, which adjusts Total Foundation Aid based on phase-in factors and minimum and maximum aid increases
Following is a detailed description of calculated Foundation Aid components, as well as the determination of Foundation Aid payable.
1. Adjusted Foundation Amount (AFA)
AFA =
Foundation Amt. (adjusted by CPI). X Phase-in Foundation % X Regional Cost Index(RCI) X Pupil Need Index (PNI)
For the 2008-09 aid year, the AFA before districts’ RCI or PNI is applied = $5258 X 1.029 X 1.0526 = $5,695
Foundation Amount (FA)For the 2008-09 aid year, the Foundation Amount is $5,258.
The foundation amount reflects the average per pupil cost of general education instruction in successful school districts, as determined by a statistical analysis of the costs of special education and general education in successful school districts. In years in which the foundation amount is not determined by a statistical analysis, it will be adjusted annually to reflect the percentage increase in the consumer price index. For the 2008-09 aid year, the percentage increase in the consumer price index is 1.029.
Phase-in Foundation Percent
For the 2007-08 aid year, the Phase-in Foundation % was 1.0768.
For the 2008-09 aid year, the Phase-in Foundation % is 1.0526.
For the 2009-10 aid year, the Phase-in Foundation % is 1.025.
Regional Cost Index (RCI)
The regional cost index reflects an analysis of labor market costs based on median salaries in professional occupations that require similar credentials to those of positions in the education field, but not including those occupations in the education field. The regional cost indices for the nine labor force regions are as follows:
| Labor Force Region | Index |
| Capital District | 1.124 |
| Southern Tier | 1.045 |
| Western New York | 1.091 |
| Hudson Valley | 1.314 |
| Long Island/NYC | 1.425 |
| Finger Lakes | 1.141 |
| Central New York | 1.103 |
| Mohawk Valley | 1.000 |
| North Country | 1.000 |
Pupil Need Index (PNI)
PNI = 1 + Extraordinary Needs (EN) % (Min = 1, Max = 2)
EN % =
(Poverty Count + (Limited English Proficiency Count X .5) + Sparsity Count)
Base Year K-12 Public School Enrollment
X 100
Poverty Count =
(.65 X Lunch Count) + (. 65 X Census Count)
Lunch Count =
2004-05 + 2005-06 + 2006-07 K-6 Free & Reduced Price Lunch Applicants
2004-05 + 2005-06 + 2006-07 K-6 Public School Enrollment
X
Base Year K-12 Public School Enrollment
Census Count =
Based on the 2000 Census as tabulated by the National Center on Education Statistics, the number of persons age 5-17 enrolled in the public school district and whose families had income below the poverty level divided by the number of persons age 5-17 in the school district
X
Base Year K-12 Public School Enrollment
Limited English Proficiency Count =
Base year enrollment of pupils scoring at or below the 40th percentile on a standardized test of English proficiency and receiving LEP services
Sparsity Count = For school districts operating grades K through 12, base year public school enrollment multiplied by a sparsity factor calculated as follows:
25.0 – (Base year Enrollment per Square Mile)
50.9
2. Expected Minimum Local Contribution Per Pupil
Each district’s expected minimum local contribution per pupil is the lesser of a per pupil amount based on a computed tax rate (A) or a per pupil amount based on a calculated state sharing ratio (B).
Expected Minimum Local Contribution per pupil (A) =
(Selected Actual Value / TWFPU) X Local Tax Factor (LTF) X Income Wealth Index (IWI)
Selected AV
The lesser of 2005 Actual Value or the average of 2004 and 2005 Actual Value
Total Wealth Foundation Pupil Units (TWFPU)
The sum of the (i) average daily membership for the year prior to the base year, plus (ii) the full-time equivalent enrollment of resident pupils attending public school elsewhere, less the full-time equivalent enrollment of nonresident pupils, plus (iii) the full-time equivalent enrollment of resident pupils with disabilities attending a board of cooperative educational services full time.
Local Tax Factor (LTF)
For the 2008-09 aid year, the LTF is .0154
Income Wealth Index (IWI)
IWI ( min = .65, max = .95) =
2005 Adjusted Gross Income (AGI) / TWFPU
$185,100 (State Avg. AGI /TWFPU)
Expected Minimum Local Contribution Per Pupil (B) =
Adjusted Foundation Amount X 1.00 minus the lesser of .900 or the highest of the following Foundation Aid State Sharing Ratios:
1.37 – (1.23 X Foundation Aid Combined Wealth Ratio (FACWR))
1.00 – (0.64 X FACWR)
0.80 – (0.39 X FACWR)
0.51 – (0.173 X FACWR)
For high need/resource-capacity districts , the Foundation Aid State Sharing Ratio is multiplied by 1.05.
Foundation Aid Combined Wealth Ratio (FACWR) =
| FACWR = | 0.5 X | District Selected AV / TWPU $453,100 |
+ 0.5 X | District Selected AGI /TWPU $143,000 |
Selected Actual Value per Total Wealth Pupil Units (Sel AV/TWPU) =
The selected Actual Value of taxable real property per pupil unit divided by Total Wealth Pupil Units. TWPU is a measure of the weighted average daily attendance of resident pupils in a district. For 2008-09 aid, the selected Actual Value per TWPU is the selected Actual Value divided by 2006-07 TWPU. The statewide average selected Actual Value per TWPU is $453,100. When the district’s selected Actual Value per pupil is divided by the statewide average, the quotient is called the Foundation Aid pupil wealth ratio (FAPWR). An FAPWR value of 1.000 means that the district is of average wealth on this measure, while a district of less than average wealth would have an FAPWR less than 1.000 and a district of greater than average wealth would have an FAPWR greater than 1.000.
Selected Adjusted Gross Income per Total Wealth Pupil Units (Sel AGI/TWPU) =
Adjusted gross income, as verified by a statewide income verification process conducted jointly by the Education Department, the Department of Taxation and Finance, and the Office of Real Property Services, is based on personal income tax returns of district residents. For 2008-09 aids, selected adjusted gross income, is divided by 2006-07 TWPU. Selected adjusted gross income is the lesser of 2005 AGI or the average of 2004 and 2005 AGI. The statewide average of selected adjusted gross income per TWPU for 2008-09 aid is $143,000. When the district's selected adjusted gross income per pupil is divided by the statewide average, the quotient is called the Foundation Aid alternate pupil wealth ratio (FAAPWR). An FAAPWR of 1.000 means that the district is of average wealth on this measure, while a district of less than average wealth would have an FAAPWR less than 1.000 and a district of greater than average wealth would have an FAAPWR greater than 1.000.
When the FAPWR and the FAAPWR of a district are averaged together, the resulting average wealth ratio is called the Foundation Aid combined wealth ratio (FACWR) of the district. Note that a district of average wealth according to both property and income variables would have an FACWR of 1.000. Districts wealthier than the average would have an FACWR greater than 1.000 and districts less wealthy than the state average would have a ratio less than 1.000.
3. Selected Total Aidable Foundation Pupil Units (TAFPU)
Selected TAFPU: For the purposes of computing Foundation Aid, districts may select the TAFPU calculated for the current aid year, or the average of the TAFPU calculated for the current year and the TAFPU calculated for the base year. In determining the average TAFPU, current year TAFPU definitions are used for both years.
Total Aidable Foundation Pupil Units (TAFPU) =
(2006-07 Average Daily Membership (ADM) X Base Year Enrollment Index) +
(2006-07 Summer ADM X .12) + 2006-07 Weighted Foundation Pupils with Disabilities (WFPWD)
Average Daily Membership (ADM) =
- Possible aggregate attendance of students in kindergarten through grade 12 (or equivalent ungraded programs), which is the total of the number of enrolled students that could have attended school on all days of session divided by the number of days of session;
- Possible aggregate attendance of non-resident students (in-state and out of state) attending the district full time but not resident students enrolled full time in another district;
- Possible aggregate attendance of Indian students that are residents of any portion of a reservation located wholly or partially in New York State;
- Possible aggregate attendance of students living on federally owned land or property;
- Possible aggregate attendance of students receiving home or hospital instruction (not home-schooled students, including students receiving instruction through a two-way telephone communication system);
- Full-time-equivalent enrollment of resident pupils attending a charter school;
- Full time equivalent enrollment of pupils with disabilities in BOCES programs;
- Equivalent attendance of students under the age of 21, not on a regular day school register in programs leading to a high school diploma or high school equivalency diploma;
- Average daily attendance of dual enrolled nonpublic school students in career education, gifted and talented, and special education programs of the public school district as authorized by Section 3602-c of the Education Law. Attendance is weighted by the fraction of the school day that the student is enrolled in the public school programs. Dual Enrolled students with disabilities are further weighted at 1.41.
Enrollment Index for the base year =
2007-08 Public School Enrollment
2006-07 Public School Enrollment
Summer ADM =
Possible aggregate attendance (in hours) of pupils who attend programs of instruction operated by the district during the months of July and August, other than pupils with disabilities in twelve month programs, divided by 90 hours (as per NYCRR § 110.3).
Weighted Foundation Pupils With Disabilities (WFPWD) =
1.41 multiplied by the full-time equivalent enrollment of pupils with disabilities determined by a school district committee on special education to require any of the following services, and who receive such services from the school district of attendance during the year prior to the base year:[3]
(A) placement for 60% or more of the school day in a special class, or
(B) home or hospital instruction for a period of more than sixty days, or
(C) special services or programs for more than 60% of the school day, or
(D) placement for 20% or more of the school week in a resource room or requiring special services or programs including related services for 20% or more of the school week, or in the case of pupils in grades seven through twelve or a multi-level middle school program as defined by the commissioner or in the case of pupils in grades four through six in an elementary school operating on a period basis, the equivalent of five periods per week, but not less than the equivalent of one hundred eighty minutes in a resource room or in other special services or programs including related services, or
(E) at least two hours per week of direct or indirect consultant teacher services
PLUS
.5 multiplied by the full time equivalent enrollment of declassified pupils. (Declassified pupils are pupils in their first year in a full-time regular education program after having been in a special education program)
4. Foundation Aid Payable
Foundation Aid Payable = Calculated Foundation Aid subject to a minimum 3% increase over base year Foundation Aid payable and a maximum 15% increase over base year Foundation Aid payable.
Public Excess Cost Aid Setaside from Foundation Aid:
The purpose of the Public Excess Cost Aid Setaside is to ensure that school districts meet federal maintenance of effort requirements regarding spending for students with disabilities. The amount set aside from Foundation Aid for this purpose will be paid together with Private Excess Cost Aid, Public Excess Cost High Cost Aid and Supplemental Public Excess Cost Aid pursuant to section 3609-b of the Education Law. The calculation of the setaside appears in this handbook in section L 4.
Contracts for Excellence: 39 districts must prepare a Contract for Excellence this year. The combined various reporting requirements of the Contract for Excellence create a vehicle for district accountability for the expenditure of large increases in State Aid, and for academic results associated with the expenditures. Click here for more information on the Contract for Excellence: www.emsc.nysed.gov/mgtserv/C4E/
Foundation Aid Base (FAB) for Phase-in Calculation =
Sum of:
- 2005-06 Total Flex Aid and additional aids as of the 2006-07 executive budget computer run BT131-6 plus additional Flex Aid equivalent as computed pursuant to Chapter 58 of the Laws of 2006
- 2006-07 Extraordinary Needs Aid Equivalent Apportionment
- 2006-07 Early Grade Size Reduction Grant as of 9/1/07
- 2006-07 Growth Aid
- 2006-07 Enrollment Adjustment Aid
- 2006-07 Reorganization Incentive Aid
- 2006-07 Tax Limitation Aid
- 2006-07 High Tax Aid
- 2006-07 Additional Limited English Proficiency Aid
- 2006-07 Teacher Support Aid (Big 5 Only)
- 2006-07 Public Excess Cost Aid less High Cost Aid
- 2006-07 Small Cities Aid
- 2005-06 Fort Drum Grants & Additional 2006-07 Grants
- 2006-07 Magnet Schools Grants
- 2005-06 Categorical Reading Grants
- 2005-06 Improving Pupil Performance Grants
- 2005-06 and additional 2006-07 Sound Basic Education Aid
- 2006-07 Tuition Adjustment Aid
Foundation Aid Base + [ .375 X (Greater of Phase-in Increase Option #1 or Phase-in Increase Option #2) ]
Phase-in Increase Option #1 =
[ (TAFPU X Selected Foundation Aid) - Foundation Aid Base ] (Min = 0)
Selected Foundation Aid =
Greater of $500 or (Adjusted Foundation Amount - Expected Minimum Local Contribution)
Phase-in Increase Option #2 =
.1255 X Foundation Aid Base
B. DEDUCTION FOR THE LOCAL SCHOOL DISTRICT'S SHARE OF
EDUCATIONAL COSTS FOR CERTAIN STUDENTS
[Section 4401(8) of the Education Law]
(2008-09 Estimated Total = $-33.3 Million)
The educational costs for certain students under the care and custody of a State agency or with unique educational placements are paid in the first instance by the State. In the year following the school year in which educational services are provided to these students, the State assesses a basic contribution in support of such expenditures from the school district of residence. This basic contribution is defined in subdivision 8 of Section 4401 of the Education Law as an amount equal to the total base year property and non-property taxes of the school district divided by the base year public school enrollment of the district. Any revenues received from the State under the School Tax Relief Program are considered property taxes for this purpose. The basic contribution is assessed for the following types of students:
- students attending State-supported schools for the blind or deaf;
- students placed in a family home at board, an orphan asylum or other such institution who previously resided in a school for the mentally retarded operated by the State Office for Mental Retardation and Developmental Disabilities;
- students residing in a school for the mentally retarded operated by the State Office for Mental Retardation and Developmental Disabilities who receive educational services in a public school district or a BOCES;
- students residing in an intermediate care facility or an individualized residential alternative who receive educational services through the public school district of current location;
- students placed in a child care institution by the Family Court, the Department of Social Services or the State Division for Youth who receive educational services at the expense of a local social services district agency;
- students placed in a residential psychiatric treatment facility, a residential treatment facility or a child care institution who receive educational services at the expense of a local social services district agency or the New York State Office of Mental Health;
- students incarcerated in a county operated correctional facility who receive educational services through the public school district of current location;
- runaway or nonresident homeless students who receive educational services through the public school district of current location; and
- students placed by the school district in a Children’s Residential Project (CRP) School on or after July 1, 1995.
C. BUILDING AID
(Excluding Reorganization Incentive Building Aid)
[Section 3602(6)(6-a)(6-b)(6-c)(6-e)(6-f) of the Education Law]
(2008-09 Estimated Total = $1,983.1 Million)
Building Aid is available for expenses incurred in construction of new buildings, additions, alterations or modernization of district-owned buildings, for purchase of existing structures for school purposes, and for lease and installment purchase payments under certain circumstances.
Steps in computing Building Aid
- Building plans and specifications for the project must be approved by the Facilities Planning Unit of the State Education Department.
- The pupil capacity of the building is assigned to the project by the Facilities Planning Unit.
- Estimated construction costs and estimated incidental costs are determined. Construction costs are for major contracts (general construction, heating and ventilating, plumbing, and electrical), while incidental costs are for such items as site purchase, site development, original equipment, furnishings, machinery or apparatus, and professional fees.
- A maximum construction cost allowance for each building project is computed by multiplying a pupil construction cost allowance figure, adjusted for regional cost differences, by the assigned pupil capacity for the building.
- The pupil construction cost allowance is adjusted monthly, based upon an index which reflects changes in cost of labor and materials. The index available for the calendar month in which the construction contract is signed for a specific project is the index used. The actual construction cost allowance is the lesser of the computed maximum or the actual construction costs.
- Regional Cost Adjustment: For approved building projects with a general construction contract awarded on or after July 1, 1998, the construction cost allowance will be adjusted by a factor reflecting regional differences in labor market composite wage rates established by the Commissioner of Labor each year. The adjustment will result in increased cost allowances for school districts in high cost areas of the State. Since the index cannot be less than one, the adjustment cannot be negative for districts in other areas of the State. In calculating Building Aid actual costs claimed for aid may not exceed the cost allowance.
- The maximum incidental cost allowance is 20 percent of the maximum construction cost allowance for K-6 buildings, and 25 percent of construction cost allowance for Grade 7-12 buildings and for special education space. The actual incidental cost allowance is the lesser of the computed maximum or actual incidental costs.
- To aid debt service expenditures associated with retro projects (see below), a bond percent is calculated to determine the aidable portion of the expense. The bond percentage is derived from the ratio of total approved cost allowances to the total principal borrowed.
Categories of Building Aid
Chapter 383 of the Laws of 2001 established a new method of apportioning Building Aid beginning in 2002-03. Previously, State Aid partially reimbursed districts for their actual approved debt service expenditures for approved projects based on the actual amortization schedules associated with their borrowings. Aid is now paid on assumed debt service expenditures based on assumed amortization schedules. The laws of 2002 also changed the way districts are reimbursed for capital outlay (not borrowed) expenditures associated with approved construction projects.
Under the assumed amortization method of aiding building expenses, projects are identified as either “retro” or “prospective.” Retro projects are those with Commissioner’s approval date (CAD) before 12/1/01, for which debt (bonds, BANS or capital notes) was first issued before 12/1/01. These projects are identified as retroactive or “retro” because they meet these criteria and are associated with borrowings that had principal outstanding as of July 1, 2002. Retro projects are aided differently than “prospective” projects. Prospective projects are those with CAD on or after 12/1/01 or, CAD before 12/1/01 but for which debt was first issued after 12/1/01.
Following is a description of the Building Aid categories:
- Assumed debt service expenditures associated with “retro” borrowings with principal outstanding as of 7/1/02, including assumed debt service expenditures associated with energy performance contracts.
For each existing debt issuance associated with retro projects, an assumed amortization schedule was based upon:
- The product of the principal outstanding as of 7/1/02 and a bond percent that represents the ratio of total aidable project costs funded with the proceeds of the debt issuance d