UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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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
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Commission File No. 33-21977
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POLARIS AIRCRAFT INCOME FUND V,
A California Limited Partnership
State of Organization: California
IRS Employer Identification No. 94-3068259
201 Mission Street, 27th Floor, San Francisco, California 94105
Telephone - (415) 284-7400
This document consists of 3 pages.
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Item 5. Other Events
Prepayment of Promissory Note
On December 30, 1997, Polaris Aircraft Income Fund V, (the "Partnership")
received $27,932,232 from Triton Aviation Services V LLC as prepayment in full
of its outstanding note receivable and interest earned by the Partnership to
December 30, 1997.
Because the Partnership has now received payment in full of the note receivable,
Polaris Investment Management Corporation (the "General Partner") expects to
make a determination regarding the appropriate timing and procedure for
winding-up the Partnership's business. As soon as practicable, the General
Partner will evaluate the Partnership's anticipated winding-up expenses and
contingencies to determine an appropriate level of cash reserves to be retained
by the Partnership until it has completed the process of winding up, and to
determine the amount of cash available for distribution to the limited partners
and the timing for such distributions. The Partnership anticipates making a
special distribution to partners by February 28, 1998.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to besigned on its behalf by the
undersigned thereunto duly authorized.
POLARIS AIRCRAFT INCOME FUND V
(Registrant)
By: Polaris Investment
Management Corporation,
General Partner
December 31, 1997 By: /S/Marc A. Meiches
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Marc A. Meiches
Chief Financial Officer
(principal financial officer and
principal accounting officer of
Polaris Investment Management
Corporation, General Partner of
the Registrant)
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