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The Pennsylvania Code website reflects the Pennsylvania Code changes effective through 54 Pa.B. 2336 (April 27, 2024).

22 Pa. Code § 349.26. Closing out amortization payments.

§ 349.26. Closing out amortization payments.

 (a)  Time. When sufficient balances exist in the various fund accounts of an authority, trustee, or depository to redeem outstanding bonds of a bond issue or sinking fund charges and to pay all other expenses related to closing out the project, rental payments or sinking fund payments by the school district shall cease.

 (b)  Amount. The final district rental or sinking fund payment shall be no more than the amount required to meet the closing obligations, after application of all the fund balances—including interest earned on accrued balances.

 (c)  Reimbursable limit. A district’s request for reimbursement for this final payment shall be limited to the actual differential payment made from current school district funds. If the amount contributed by the school district for trustee or administrative expenses over the years has exceeded the actual expenses, the trustee may certify the account surplus as direct payment from the district, and it shall qualify for reimbursement.

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