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 circumstances.
- 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.
Last Updated:
June 16, 2009