Are principal and interest payments on bonds eligible for reimbursement under the EXCEL program?
A14. No. State Law prohibits using proceeds of DASNY bonds to finance project costs that have already been permanently financed with the proceeds of bonds. If, however, projects have been previously financed with bond anticipation notes (BANs), DASNY may reimburse the district for expenses financed with the proceeds of BANs so long as the EXCEL grant moneys are used to redeem the BANS used to finance such costs. Q15. If a district has borrowed the entire cost of a project that has already been approved by Facilities Planning, and the project qualifies as an EXCEL project based on all statutory criteria, will the district receive EXCEL funds to support the project? A15. No except as described in Q14 above. If SED determines that the project is EXCEL eligible, and the district requests EXCEL funding, SED will certify an EXCEL amount to DASNY. However, State Law prohibits DASNY from making payments for expenses that have already been bonded. DASNY will decline to pay the amount certified
