UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
__________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): December 30, 1997
___________________
Commission File No. 33-2794
___________________
POLARIS AIRCRAFT INCOME FUND II,
A California Limited Partnership
State of Organization: California
IRS Employer Identification No. 94-2985086
201 Mission Street, 27th Floor, San Francisco, California 94105
Telephone - (415) 284-7400
This document consists of 3 pages.
<PAGE>
Item 5. Other Events.
Prepayment of Promissory Note
On December 30, 1997, Polaris Aircraft Income Fund II, (the "Partnership")
received $12,290,168 from Triton Aviation Services II LLC ("Triton") as
prepayment in full of its outstanding note receivable and interest
earned by the Partnership to December 30, 1997.
As soon as practicable, Polaris Investment Management Corporation
(the "General Partner") will evaluate the Partnership's anticipated expenses
and contingencies to determine an appropriate level of cash reserves to be
retained by the Partnership and the timing for distribution of all or a
portion of the Triton prepayment proceeds. The Partnership anticipates
making a special distribution to partners by February 28, 1998.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
POLARIS AIRCRAFT INCOME FUND II
(Registrant)
By: Polaris Investment
Management Corporation,
General Partner
December 31, 1997 By: /S/Marc A. Meiches
- ------------------------- ------------------
Marc A. Meiches
Chief Financial Officer
(principal financial officer and
principal accounting officer of
Polaris Investment Management
Corporation, General Partner of
the Registrant)
3
