Michigan Department of Treasury
4385A (Rev. 05-11)
Michigan Finance Authority
State Aid Note Loan Program Projected Cash Flow – August Series 2011C
Borrowing Worksheet
1. Please use the following instructions as a checklist before submitting your application and cash flow to the Authority.
2. Applicants are strongly encouraged to participate in a Set-Aside Pool for all or part of their borrowing needs.
a. Reflect the borrowing amount for each pool separately.
b. Borrowing amounts must be in multiples of $1,000.
3. Enter Borrowing Amounts before proceeding to Cash Flow
a. Note proceeds and monthly payments are automatically entered into the Monthly Cash Flow worksheet.
7 Set-Asides 5 Set-Asides No Set-Asides* Total Borrowing
1
b. Borrowing Amount $0 $0 $0 $0
2
c. Estimated Rate X 1.03 X 1.03 X 1.05
d. Principal & Interest $0 $0 $0 $0
e. Payment Amount $0 $0 $0 $0
f. Payment(s) Due Jan. 2012 - July 2012 Jan. 2012 - May 2012 August 2012
1 Confirm that the borrowing amounts used in the cash flow agree with the borrowing amounts on page 1 of the State Aid Note Loan Program
Application, Form 4384A .
2 Not actual interest rate at time of borrowing. The estimated effective rates, for borrowers participating in the Set-Aside Pool is 3%, and 5% for
borrowers in the No Set-Aside Pool. The effective borrowing rate will be determined at the time of pricing.
*No-Set Aside Borrowers: Must demonstrate the ability to repay their note. In other words, the ending August 2012 balance must be
positive after repayment of the note. In Addition, the cash flow must demonstrate 1.10X coverage on the
maturity date. This means that the cash flow must show sufficient funds on the maturity date to pay total principal
and interest on the note and have an ending cash balance of at least 10% of that amount.
4385A, Page 2
Michigan Finance Authority Note Payment amounts correct!
State Aid Note Loan Program Projected Cash Flow – August 2011Series 2011C Disbursement amounts!
Please check Note
Cash Flow Worksheet Please check Note Payment amounts!
School District School Code Amount of August 2011 Note FY 2011-12 State Aid Amount
$ - $ -
Cash Flow Instructions Weekly Cash Flow Month with
December 2011
Greatest Deficit
1. Please use the following instructions as a checklist before submitting your Week Ending Dec 03 Dec 10 Dec 17 Dec 24 Dec 31
application and cash flow to the Authority. Beginning Balances
- - - -
(Including Investments)
2. Enter month with greatest deficit. Week ending dates are automatically entered. Receipts
Set-Asides
Note Proceeds
3. Enter Beginning Balances to the first column of each Cash Flow. No Set-Aside
Taxes
4. Borrowing amounts must be in multiples of $1,000. Total State Aid
Other Grants
5. Each month with a note payment should show a positive ending balance. Other Revenue
Total Available Funds - - - - -
6. If the August 2012 ending balance is negative, you must state the source of the Expenditures
additional funds required to repay the note and REFLECT THIS AMOUNT IN THE 7 Set-Asides
Note
CASH FLOW. 5 Set-Asides
Repayment
No Set-Aside
Payrolls
Other Expenditures
Other Liens/Loans (Totals)
Estimated Ending Balance - - - - -
Monthly Cash Flow
Jul 2011 Aug 2011 Sep 2011 Oct 2011 Nov 2011 Dec 2011 Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Jul 2012 Aug 2012
Beginning Balances
- - - - - - - - - - - - -
(Including Investments)
Receipts
Note Set-Asides -
Proceeds No Set-Aside -
Taxes
Total State Aid
Other Grants
Other Revenue
Total Available Funds - - - - - - - - - - - - - -
Expenditures
7 Set-Asides - - - - - - -
Note
5 Set-Asides - - - - -
Repayment
No Set-Aside -
Payrolls
Other Expenditures
Other Liens/Loans (Totals)
Estimated Ending Balance - - - - - - - - - - - - - -
Balance Without Note - - - - - - - - - - - - - -