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

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City and County of Denver Municipal Airport System SCHEDULE OF REQUIRED DEPOSITS TO THE BOND ACCOUNT, BOND RESERVE ACCOUNT, AND THE OPERATION AND MAINTENANCE RESERVE ACCOUNT AS DEFINED IN THE 1984 AIRPORT SYSTEM GENERAL BOND ORDINANCE (UNAUDITED) Year ended December 31, 2010 (c) Redemption Account Required deposit to the Bond Redemption Account, on or prior to any date on which the Airport System exercises its option to call for prior redemption of any Bonds, an amount necessary to pay the redemption price of such bonds on such Redemption Date, except to the extent any other monies, including without limitation, monies in any escrow account, are available therefore. As of December 31, 2010, the redemption account had a balance of $18.9 million for the sixth runway and baggage system. (d) Bond Account Summary The sum of the required bond account balances described in items (a) through (b) above is as follows: Aggregate required Bond Account balance $ 23,590,618 Bond Account balance at December 31, 2010 23,590,618 Overfunded/(Underfunded) $ - (2) Bond Reserve Account The City is required, after making required monthly deposits to the Interest, Principal, Sinking Account, and Redemption accounts of the Bond Account, to apply Net Revenues to fund the Bond Reserve Account, in an amount equal to the maximum annual interest and principal payable on all outstanding Senior Bonds of the Airport System, as defined in the General Bond Ordinance. The amount deposited to the Bond Reserve Account at December 31, 2010 is $374,965,292. The minimum Bond Reserve Account requirement is $374,965,292. (3) Operation and Maintenance Reserve Account The operation and maintenance reserve account is an amount equal to two times the monthly average operating and maintenance costs of the preceding year. The Airport System is required to make equal monthly transfers sufficient to fully fund the Operations and Maintenance Reserve Account by January 1, 2010. Computation of minimum operation and maintenance reserve: 2009 Operation and Maintenence expenses $ 309,270,465 Minimum operations and maintenance reserve requirement for 2009 $ 51,545,078 Operation and maintenance reserve account balance at December 31, 2010 69,242,531 Overfunded $ 17,697,453 Under the Supplemental Bond Ordinance effective September 9, 2003, the City may increase the operating and maintenance reserve account balance to an amount equal to three times the prior year’s monthly average. 70
City and County of Denver Municipal Airport System ANNUAL FINANCIAL INFORMATION (UNAUDITED) LAST TEN FISCAL YEARS STATISTICAL SECTION (UNAUDITED) 71
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City and County of Denver Municipal Airport System ANNUAL ...

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