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New York City Educational Construction Fund

New York City Educational Construction Fund*

Export
(AMOUNTS IN THOUSANDS)
Fiscal
year
Rental
Revenue
Interest
Revenue
Total
Revenue
Debt Service
Operating
Expenses
Total to
be Covered
Coverage
Ratio
Interest
Principal
Total
2005
$
18,699
$
1,936
$
20,635
$
6,658
$
51,015
$
57,673
$
4,864
$
62,537
0.33
2006
22,011
2,860
24,871
6,544
3,010
9,554
5,756
15,310
1.62
2007
24,636
3,545
28,181
4,222
12,095
16,317
5,303
21,620
1.30
2008
19,056
4,722
23,778
4,727
13,665
18,392
5,635
24,027
0.99
2009
18,712
3,081
21,793
3,595
7,465
11,060
5,636
16,696
1.31
2010
18,436
1,078
19,514
2,498
6,135
8,633
4,627
13,260
1.47
2011
19,517
1,072
20,589
7,579
6,075
13,654
5,453
19,107
1.08
2012
19,441
1,161
20,602
8,763
6,390
15,153
6,006
21,159
0.97
2013
14,844
777
15,621
4,466
6,075
10,541
7,479
18,020
1.33
2014
13,087
557
20,644
13,245
1,890
15,135
1,557
16,692
1.24
2015
17,609
579
18,188
13,189
1,965
15,154
1,838
16,992
1.07
2016
21,108
839
21,947
12,595
2,055
14,650
1,498
16,148
1.36

(*) Interest of 8,919,000 was capitalized during Fiscal Year 2013 construction for year 2011 and 2010 bonds.

In Fiscal Year 2014 ECF received $7 million in income for option for E. 57th development to extend lease beyond 99 years.

Operating Expenses exclude Post Employment Benefits accrual.

Principal in Fiscal Year 2016 does not include the redemption amount of the 2005 bonds on October 1, 2015.


Source: New York City Educational Construction Fund