N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1644-3.11

Current through Register Vol. 46, No. 53, December 31, 2024

Section 1644-3.11 - Payment of amortization to bondholders

(a) On the date the amortization is due to be paid by the Comptroller to the holders of State housing bonds, payment of the installment is recorded by the following journal entry:

Entry (6):

Debit: Account 2313, Indebtedness Amortized, State of

New York $XXX

Credit: Account 1124, State Housing Debt Fund $XXX

Explanation:To record the payment of amortization on housing bond issue no. ________.

(b) Account 2313, Indebtedness Amortized--State of New York, represents the cumulative total of amortization payments made by the State Comptroller to bondholders and appears on the balance sheet as a deduction from the total of certificates of indebtedness issued. Account 2600, Accumulated Amortization, represents the cumulative total of the provisions made for amortization, whether or not such provisions have been remitted to the State by the local agency or paid by the Comptroller, and appears on the balance sheet as a deduction from development costs.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1644-3.11