FY 2013 Operating and Capital Budget - Metro Transit

Long-Term Debt
Debt and capital lease obligations at June 30, 2011, consisted of the following:
2010 2011
Amortization,
Beginning Payments and Ending Due Within
Balance Borrowings Other Adjustments Balance One Year
Capital Lease Obligations $ 147,281,532 $ 7,152,832 $ (75,772,923) $ 78,661,441 $ 2,949,633
Subordinate Mass Transit Sales Tax
Appropriation Bonds, Series 2005 A 150,000,000 - (150,000,000) - -
Mass Transit Sales Tax Appropriation
Bonds, Series 2002 A, B, C 321,016,761 - (9,650,000) 311,366,761 10,120,000
Plus: Unamortized debt premium 3,125,984 - (1,060,579) 2,065,405 -
Less: Deferred amount on remarketing - - (781,244) (781,244) -
Mass Transit Sales Tax Appropriation
Bonds, Series 2007 20,820,000 - - 20,820,000 -
Plus: Unamortized debt premium 34,405 - (1,480) 32,925 -
Mass Transit Sales Tax Appropriation
Bonds, Series 2009 97,220,000 - - 97,220,000 -
Less: Unamortized debt discount (208,724) - 7,136 (201,588) -
Mass Transit Sales Tax Appropriation
Bonds, Series 2010 A - 75,000,000 75,000,000 -
Less: Deferred amount on refunding - - (349,402) (349,402) -
Bonds, Series 2010 B - 70,290,000 - 70,290,000 -
Plus: Unamortized debt premium - 4,712,945 (1,175,009) 3,537,936 -
Less: Deferred amount on refunding - - (349,402) (349,402) -
Gateway Arch Parking Facility Revenue
Refunding Bonds, Series 1997 2,045,000 - (645,000) 1,400,000 680,000
Less: Unamortized debt discount (22,495) - 12,897 (9,598) -
Debt and capital lease obligations $ 741,312,463 $ 157,155,777 $ (239,765,006) $ 658,703,234 $ 13,749,633
Arch Parking Facility Revenue Refunding Bonds
The construction of the Gateway Arch Parking Facility was financed through the April 29,
1986 issuance of revenue bonds (1986 revenue bonds). On February 10, 1997, Metro issued
$8,110,000 of revenue bonds at 3.9 percent to 5.875 percent (“1997 revenue bonds”). The
proceeds from the 1997 revenue bonds were used to redeem all of the previous outstanding
revenue bonds. The 1997 revenue bonds are not a general obligation of Metro, but rather are
collateralized by future operations of the garage as well as the debt service reserve.
According to the indenture under which the revenue bonds were issued, the Gateway Arch
Transportation Facilities fund must maintain a debt service reserve at the required balance of
$790,686. The indenture and resolutions under which the bonds were issued also specify
certain restrictive covenants. The significant covenants include not taking action to make the
bonds private activity bonds, as defined by the United States Tax Code, and having specified
operating profits in excess of 150 percent of the next year’s debt service requirement and the
debt service reserve. As of June 30, 2011, Metro was in compliance with such covenants.
Long-term debt principal and interest maturities subject to mandatory redemption for the
bonds are as follows:
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