N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1644-3.8

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

Section 1644-3.8 - Amortization of indebtedness

The retirement of indebtedness by making periodic repayments of the principal amount of the indebtedness is known as amortization. With respect to the amortization of indebtedness of the local agency to the State, representing the proceeds of a housing bond issue by the State, the accounting entries will reflect the following:

(a) The periodic provision made by the local agency for amortizing the indebtedness.

(b) The payment of the scheduled amortization into the State Housing Debt Fund.

(c) The payment of the amortization by the State Comptroller to the holders of the housing bonds.

N.Y. Comp. Codes R. & Regs. Tit. 9 §§ 1644-3.8