Page 45 - BAA CAFR 2017

BIRMINGHAM AIRPORT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS

NOTE 6 CHANGES IN CAPITAL ASSETS (CONTINUED)

Balance at Balance at
Governmental Activities 07/01/15 Additions Deductions 06/30/16
Capital assets not being
depreciated:
Land $ 183,539,374 $ - $ (64,000) $ 183,475,374
Construction in progress 17,377,353 5,960,906 (13,831,216) 9,507,043
Total capital assets, not
being depreciated 200,916,727 5,960,906 (13,895,216) 192,982,417
Capital assets being
depreciated:
Buildings 274,074,984 4,625,077 - 278,700,061
Infrastructure improvements 205,739,167 9,109,367 - 214,848,534
Machinery and equipment 60,112,354 1,251,597 (261,539) 61,102,412
Furniture and fixtures 4,263,002 52,512 - 4,315,514
Total capital assets
being depreciated 544,189,507 15,038,553 (261,539) 558,966,521
Less accumulated
depreciation on:
Buildings (67,099,203) (6,413,967) - (73,513,170)
Infrastructure improvements (105,470,625) (6,598,321) - (112,068,946)
Machinery and equipment (15,729,172) (2,958,238) 53,998 (18,633,412)
Furniture and fixtures (1,025,205) (161,334) - (1,186,539)
Total accumulated
depreciation (189,324,205) (16,131,860) 53,998 (205,402,067)
Total capital assets
depreciated, net 354,865,302 (1,093,307) (207,541) 353,564,454
Total capital assets, net $ 555,782,029 $ 4,867,599 $ (14,102,757) $ 546,546,871

NOTE 7 LINE OF CREDIT

The Authority has an unsecured line of credit with a financial institution. The
maximum available line of credit is $4,422,118. At June 30, 2017, there was no
outstanding balance on the line of credit. The expiration date of the agreement is
July 17, 2017.

NOTE 8 REVENUE BONDS PAYABLE

On October 22, 2003, the Authority issued the Birmingham Airport Authority
Airport Revenue Refunding Bonds, Series 2003-A and the Airport Revenue
Refunding Bonds, Series 2003-B in the amounts of $20,820,000 and $17,875,000
respectively. The Series 2003-A Bonds and the Series 2003-B were issued to
provide funds to refund the Authority's Series 1993-A and 1993-B Bonds
outstanding in the principal amounts of $20,390,000 and $18,060,000 respectively.

The Series 2003-A Bonds were originally issued at variable interest rates
determined weekly. On December 1, 2009, the Authority reoffered the bonds with
fixed interest rates ranging from 3.25% to 4.5%. Principal payments on the Series
2003-A Bonds are due annually beginning July 1, 2014, and the final principal
payment is due on July 1, 2023.

The Series 2003-A net bond proceeds of $20,258,123 (after payment of $750,909
in issuance cost and depositing $1,778,227 into the 2003 Reserve Fund) plus an

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