Waivers for Projects
Subject to the Provisions of the Retro-active Amortization Methodology
- The statute authorizes the Commissioner to grant waivers to
school districts that are unable to refinance their debt due
to State or Federal restrictions.
- For projects with debt outstanding as of July 1, 2002, a waiver
may be granted if a school district can demonstrate extenuating
- The extenuating circumstances that would qualify a debt issuance
for a waiver are to be developed by the Department in conjunction
with the Director of the Division of the Budget.
- Under the terms of the waiver, the Commissioner is authorized
to adjust the term, the interest rate and the annual assumed
payments of debt service.
- School districts contemplating a waiver should provide the
Office of Facilities Planning with documentation of the extenuating
circumstances by an appropriate engineer, architect or other
professional, as appropriate.
June 16, 2009