City and County of Denver Municipal Airport System ANNUAL ...

City and County of Denver
Municipal Airport System
NOTES TO FINANCIAL STATEMENTS
December 31, 2010 and 2009
(1) Associated 1999 Swap with RFPC, Ltd. was terminated, and replaced with 2009A Swap Agreement, and
associated 2002 Swap with RFPC, Ltd. was terminated on January 12, 2010. The effect of this termination
and replacement are not reflected here. The 2007A swaps were terminated on February 5, 2010 and
February 10, 2010. Because these swaps were not scheduled to be effective until May 1, 2010, the effect of
these swaps is not included.
(2) Swaps currently associated by the Airport with $104.655 million 2009C, $75.70 million Series 2008B, and
a portion of the Series 2002C Bonds
(3) Swaps currently associated by the Airport with $207,025,000 Series 2007F1-F4, $147,800,000 Series
2007G1-G2, and a portion of the Series 2002C Bonds
(4) Swaps currently associated by the Airport with $92,600,000 Series 2008C1, and a portion of the Series
2002C Bonds.
As rates vary, variable rate bond interest payments and net swap payments will vary. As of December 31, 2010, debt
service requirements of the related variable rate debt and net swap payments for the Airport System’s cash flow
hedges (1998, 1999 and 2009A swap agreements), assuming current interest rates remain the same, for their terms,
were as follows:
Interest rate
Principal Interest swaps net Total
Year:
2011 $ 600,000 $ 1,388,604 $ 19,566,922 $ 21,555,526
2012 600,000 1,386,504 19,566,922 21,553,426
2013 4,700,000 1,384,404 19,566,922 25,651,326
2014 4,800,000 1,367,954 19,566,922 25,734,876
2015 6,045,000 1,351,154 19,566,922 26,963,076
2016-2020 165,425,000 6,093,202 90,790,406 262,308,608
2021-2025 217,830,000 2,098,684 24,796,959 244,725,643
Total $ 400,000,000 $ 15,070,506 $ 213,421,975 $ 628,492,481
Variable Rate Bonds and Swap payments are calculated using rates in effect on December 31, 2010
(13) Denver International Special Facility Revenue Bonds
To finance the acquisition and construction of various facilities at Denver International, the City issued three series of
Special Facility Revenue Bonds. These bonds are special limited obligations of the City, payable and secured by a
pledge of certain revenues to be received from lease agreements for these facilities. The bonds do not constitute a debt
or pledge of the full faith and credit of the City or the Airport System, and accordingly, have not been reported in the
accompanying financial statements. As of December 31, 2010 and 2009, Special Facility Revenue Bonds outstanding
totaled $298,255,000 and $304,260,000, respectively.
60