Institutional Federal Compliance Report 2021

88 • Notes to Basic Financial Statements __________________________________________________________________________

The following represents a year-end summary at June 30, 2017 of future minimum debt service pay- ments on the bonds issued by DASNY for CUNY

Senior Colleges, including interest rates ranging from 2 percent to 6.1 percent (amounts in millions):

Net Swap Amount

Fiscal Year

Principal

Interest

Total

Future debt service on the bonds issued by DASNY for CUNY Senior Colleges, together with the net swap amount, is calculated assuming current interest rates remain the same. The actual amounts of future interest to be paid are affected by changes in variable interest rates. The actual amounts of future net swap payments are also affected by changes in published indexes— the LIBOR and the SIFMA floating rate. 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

161 $

207 $

10 $

378 393 409 438 329

183 209 251 153 835 774 870 667 154

200 191 179 169 742 538 335 130

10

9 8 7

25

1,602 1,316 1,205 797 166 7,033

4

—00000 —00000 —00000

12

4,257 $

2,703 $

73 $

The following represents a year-end summary at June 30, 2017 for SUNY and CUNY of future minimum debt service payments on capital lease com- mitments, mortgage loan commitments, certificates of participation, other State-supported debt and other long-term debt for business-type activities (amounts in millions):

SUNY

CUNY

Total

Fiscal Year

Principal

Interest

Principal

Interest

Principal

Interest

2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2021 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2022 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2023-2027 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2028-2032 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2033-2037 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2038-2042 . . . . . . . . . . . . . . . . . . . . . . . . . . . 2043-2047 . . . . . . . . . . . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $

63 $

27 $

4 $

1 $

67 $

28 27 25 21 19 69 19

60 51 45 39

25 23 20 18 59

3 3 3 2

2 2 1 1

63 54 48 41

161 61

60

10 10

221 66 22 32

9 3 1

5

8

14 22

6 3

9 4

10

—00000

—00000

3

—00000

3

—00000

498 $

185 $

119 $

36 $

617 $

221

The liabilities for lease/purchase debt, capital leases, mortgage loans, certificates of participation, other State-supported debt and other long-term debt are reported as obligations under lease/purchase and other financing arrangements in the Enterprise Funds. Debt service expenditures (principal and interest) for all of the aforementioned obligations during the year ended June 30, 2017 totaled $1.2 billion. During SUNY’s fiscal year ending June 30, 2017, no new debt was issued for the educational facilities program. In prior years, SUNY defeased various oblig- ations, whereby proceeds of new obligations were placed in an irrevocable trust to provide for all future debt service payments on the defeased obligations. Accordingly, the trust account assets and liabilities for the defeased obligations are not included in SUNY’s financial statements. As of March 31, 2017, outstanding educational facility obligations of $93.5 million and outstanding dormitory facilities obligations of $206.8 million were considered defeased.

During CUNY’s fiscal year ending June 30, 2017, DASNY issued bonds for new construction with a par value of $186.1 million and original issue premium of $41.7 million, and issued refunding bonds with a par value of $6 million and original issue premium of $713,000 on behalf of CUNY Senior Colleges. Bond proceeds of $6.6 million were used to defease $6.5 million of existing debt. Under the terms of the resolutions for the defeased bonds, bond proceeds were paid directly to the bondholders of the defeased bonds. As a result, the refunded debt is considered defeased. The economic gain related to the defeased bonds amounted to $706,000. The excess of the bond proceeds over the amount of debt defeased of $127,000 and the remaining unamortized premium and discount of $302,000 are deferred and amortized in a systematic and rational manner over the remain- ing life of the old debt or new debt, whichever is shorter. There were no remaining unamortized bond