Michigan Department of Treasury 4046 (Rev. 3-09)
Michigan Public Educational Facilities Authority
Current/Projected Cash Flow Instructions
2009 State Aid Note Program for Public School Academies
Please use the following instructions as a checklist before submitting your application and cash flow to the Michigan Public Educational Facilities Authority. Applicant must complete sections a. and b. below by entering the number of monthly payments and the amount of the borrowing requested. The "Note Proceeds" and "Note Repayment" amounts will appear on the Monthly Cash Flow 2009-2010 worksheet. Applicant may choose between the following payment options: 9 Monthly Payments October 2009 through June 2010 10 Monthly Payments October 2009 through July 2010 Calculation of Monthly Payments a. Enter number of monthly payments desired (9 or 10):
b. Enter amount of the borrowing:
Amount to be borrowed x = 1.041 $0 Estimated tax exempt interest rate as of March 3, 2009: 4.10% * Total principal and interest
c. Calculation of the amount of equal monthly payments: $0 Total principal and interest
0
#DIV/0!
Number of monthly payments Amount of equal payments
d. Note proceeds and monthly payments are automatically entered into the Monthly Cashflow 2009-2010 worksheet. e. Each month with a note payment should show a positive ending balance. f. If the ending balance is negative, you must state the source of the additional funds required to repay the note and REFLECT THIS AMOUNT IN THE CASH FLOW.
g. Applicants must complete the Monthly Cash Flow 2009-2010, Weekly Cash Flow 20092010 (tax-exempt borrowers only), and Monthly Cash Flow 2008-2009 (this is a new requirement) worksheets
* MPEFA's goal is to provide Academies participating in the State Aid Note with a competitive financing rate. The
estimated market rate, as of March 3, 2009, for borrowers participating in the tax exempt pool is 4.10% and for borrowers participating in taxable pool is 6.45%. The effective borrowing rate will be determined at the time of pricing, currently scheduled for 6/23/09, and will be dependent upon market conditions. Effective borrowing rate includes cost of borrowing, with the exception of local counsel fees.
Michigan Department of Treasury 4046 (Rev. 3-09)
Michigan Public Educational Facilities Authority
Projected 2009-2010 Monthly Cash Flow
2009 State Aid Note Program for Public School Academies
Issued under authority of Executive Order 2002-3 and Public Act 227 of 1985, as amended.
Public School Academy: Amount of 2009/2010 Borrowing Need: Amount of FY 2009/2010 State Aid: Amount Borrowed as a % of State Aid: REMINDER: Include Beginning Balance for first entry. July 2009 August 2009 0 September 2009 0 October 2009 0
Date:
Operating Funds Beginning Balances (Including Investments) Estimated Receipts State Aid Other Grants Note Proceeds Other Revenue Total Available Funds Less Estimated Expenditures Payrolls Other Expenditures Note Repayment Other Liens/Loans * Estimated Ending Balance Balance Without Note Proceeds
November 2009 #DIV/0!
December 2009 #DIV/0!
January 2010 #DIV/0!
0
0
0
0
0
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0! $0 $0 February 2010 #DIV/0! March 2010 #DIV/0! $0 $0 April 2010 #DIV/0! $0 $0 #DIV/0! #DIV/0! May 2010 #DIV/0!
#DIV/0! #DIV/0! #DIV/0! June 2010 #DIV/0!
#DIV/0! #DIV/0! #DIV/0! July 2010 #DIV/0!
#DIV/0! #DIV/0! #DIV/0! August 2010 #DIV/0!
Operating Funds Beginning Balances (Including Investments) Estimated Receipts State Aid Other Grants Note Proceeds Other Revenue Total Available Funds Less Estimated Expenditures: Payrolls Other Expenditures Note Repayment Other Liens/Loans * Estimated Ending Balance Balance Without Note Proceeds
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0 #DIV/0! #DIV/0!
* Provide detail regarding other loans on separate attachment, including FY 2008-2009 State Aid Note payments due, if any. If you enter uneven Note Repayment amounts, the sum must equal the Total Principal and Interest from the Instruction Page. Your Note Payment amounts are correct if the amount below equals zero:
#DIV/0!
Michigan Department of Treasury 4046 (Rev. 3-09)
Michigan Public Educational Facilities Authority
Projected Weekly Cash Flow (Tax-Exempt Borrowers only)
Analysis of the month during 2009-2010 having the largest deficit at the end of any week during the month 2009 State Aid Note Program for Public School Academies
Issued under authority of Executive Order 2002-3 and Public Act 227 of 1985, as amended.
Public School Academy: Month of: Info. Current as of: REMINDER: Include Beginning Balance for first entry. Week Ending ____/____/____ Beginning Balances (Including Investments) Estimated Receipts State Aid Other Grants Other Revenue Total Available Funds Less Estimated Expenditures: Payrolls Other Expenditures Other Liens/Loans Estimated Ending Balance without Note Proceeds 0 Week Ending ____/____/____ 0 Week Ending ____/____/____ 0
Date:
Week Ending ____/____/____ 0
Week Ending ____/____/____ 0
0
0
0
0
0
$0
$0
$0
$0
$0
Michigan Department of Treasury 4046 (Rev. 3-09)
Michigan Public Educational Facilities Authority
Current Fiscal Year 2008-2009 Monthly Cash Flow
2009 State Aid Note Program for Public School Academies
Issued under authority of Executive Order 2002-3 and Public Act 227 of 1985, as amended.
Public School Academy: REMINDER: Include Beginning Balance for first entry. July 2008 Actual August 2008 Actual 0 September 2008 Actual 0 October 2008 Actual 0
Date:
Operating Funds Beginning Balances (Including Investments) Estimated Receipts State Aid Other Grants Note Proceeds Other Revenue Total Estimated Funds Less Available Expenditures Payrolls Other Expenditures Note Repayment Other Liens/Loans * Ending Balance
November 2008 Actual 0
December 2008 Actual 0
January 2009 Actual 0
February 2009 Actual 0
March 2009 Actual 0
April 2009 Actual 0
May 2009 Projected 0
June 2009 Projected 0
0
0
0
0
0
0
0
0
0
0
0
0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
* Provide detail regarding other loans on separate attachment.