Payment of interest
Source version current through Sep 15, 2021
Later State Register activity may affect this section.
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The charge for the payment of interest on housing bonds made in advance by the local agency is held in suspense in account 1124, State Housing Debt Fund, until the date the Comptroller is scheduled to make the payment to the bondholders. Payment of interest on housing bonds therefore entails two entries, as follows:
Entry (1): When the voucher for the remittance of the interest to the division is drawn:
Debit: Account 1124, State Housing Debt Fund $XXX
Credit: Account 1111, Development Fund $XXX
or
Account 1112, Administration Fund $XXX
Entry (2): By journal entry, on the date the interest is due to be paid to the bondholders.
Debit: Account 2132.1, Accrued Interest
Payable, State of New York $XXX
Credit: Account 1124, State Housing Debt Fund $XXX
Explanation:
To record the payment of semiannual interest, due____, 19 ____, on State housing bonds by the State Comptroller.