Comprehensive Annual Financial Report - Metro Transit

Bi-State Development Agency of theMissouri-Illinois Metropolitan DistrictNotes to Financial StatementsJune 30, 2011 and 2010FiscalInterestYear Principal Expense2012 $ - $ 1,074,4252013 - 1,074,4252014 - 1,074,4252015 - 1,074,4252016 - 1,074,4252017-2021 - 5,372,1252022-2026 - 5,372,1252027-2031- 5,372,1252032-2034 20,820,000 2,686,063$ 20,820,000 $ 24,174,563Serie s 2009In October 2009, the Executive Committee of the Metro Board of Commissionersauthorized the issuance of $97.2 million in Mass Transit Sales Tax Appropriation Bonds.The transaction closed on November 9, 2009. Metro issued a total of $97,220,000 infixed rate serial and term bonds at an average rate of 4.97%. The bonds were issued ata discount. The discount amount of $213,454 is being recognized over the 30 year termof the bonds. The amount unrecognized at June 30, 2011 was $201,558. The bondproceeds were used as follows:• Approximately $75 million was used to refund the remaining $75 million of the $100million par Series 2002A Variable Rate Bonds.• Approximately $9.9 million was used to terminate (net) two interest rate swapsMetro had in connection with the Series 2002A Variable Rate Bonds.• Approximately $9.1 million was used to create a Debt Service Reserve Fund for thebonds.• The balance of approximately $2.5 million was used to purchase a bond insurancepolicy ($1.6 million), for the underwriters discount ($.45 million), and to buy othercosts of issuance (.55 million). The total cost of issue of $2,486,000 is beingdeferred over the 30 year term of the bonds. At June 30, 2011 the remainingbalance was $2,347,910.• The deferred amount of refunding was approximately $839,000. This amount isbeing deferred over the original remaining life of the Series 2002 A Bonds. As ofJune 30, 2011, the remaining balance was approximately $781,000.42