Page 47 - BAA CAFR 2017

BIRMINGHAM AIRPORT AUTHORITY
NOTES TO THE FINANCIAL STATEMENTS

NOTE 8 REVENUE BONDS PAYABLE (CONTINUED)

The Series 2010 Bonds mature no later than July 1, 2040, and require semi-annual
interest payments on January 1 and July 1, beginning January 1, 2011, at rates
ranging between 3 and 6 percent. Principal payments on the Series 2010 Bonds are
due annually beginning July 1, 2011.

The Series 2010 net bond proceeds of $146,267,329 (after payment of $3,677,933
issuance cost) were deposited into the Series 2010 Capitalized Interest Account
($10,704,988), the Reserve Fund ($10,448,058) and the 2010 Construction Fund
($125,114,283).

Changes in revenue bonds payable for the years ended June 30, 2017 and 2016 are
summarized as follows:

Balance July 1, Balance June Amounts Due
2016 Additions Retirements 30, 2017 within One Year

Revenue bonds payable $ 189,560,000 $ - $ (6,590,000) $ 182,970,000 $ 6,930,000
Less unamortized discount (481,232) (2,091) - (483,323) -
Revenue bonds payable, net $ 189,078,768 $ (2,091) $ (6,590,000) $ 182,486,677 $ 6,930,000

Balance July 1, Balance June Amounts Due
2015 Additions Retirements 30, 2016 within One Year
Revenue bonds payable $ 195,855,000 $ - $ (6,295,000) $ 189,560,000 $ 6,590,000
Less unamortized discount (479,777) (1,455) - (481,232) -
Revenue bonds payable, net $ 195,375,223 $ (1,455) $ (6,295,000) $ 189,078,768 $ 6,590,000

The following shows debt service to maturity for the Series 2003-A and B Bonds,
the Series 2007 Bonds, and the Series 2010 Bonds:

FYE June 30, Principal Interest Total

2018 $ 6,930,000 $ 9,572,400 $ 16,502,400
2019 7,270,000 9,250,550 16,520,550
2020 7,625,000 8,935,625 16,560,625
2021 8,015,000 8,581,675 16,596,675
2022 8,390,000 8,195,300 16,585,300
2023 – 2027 49,315,000 33,599,575 82,914,575
2028 – 2032 60,645,000 19,282,350 79,927,350
2033 – 2037 17,245,000 7,768,750 25,013,750
2038 - 2041 17,535,000 2,475,275 20,010,275

Total $ 182,970,000 $ 107,661,500 $ 290,631,500

NOTE 9 CAPITAL CONTRIBUTIONS

Since its inception, the Authority has received capital contributions from the City
of Birmingham, in the form of net assets transferred as of the date of inception and
through Federal grants and Passenger Facility Charges as follows:

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