FY2017 PROPOSED BUDGET

Washington Metropolitan Area Transit Authority
Proposed Fiscal Year 2017 Budget
Appendix E
Table E.1
Gross Revenue Transit Bonds
(FY2017 Jurisdiction Funding)
Principal Interest Total Due
Gross Revenue Transit Bonds:
Series 2009A
Due to Bondholders 1/1/2017 $ - $ 4,992,472 $ 4,992,472
Due to Bondholders 7/1/2017 8,690,000 4,992,472 13,682,472
Total $ 8,690,000 $ 9,984,944 $ 18,674,944
Gross Revenue Transit Bonds:
Series 2009B 1
Due to Bondholders 1/1/2017 $ - $ 1,251,250 $ 1,251,250
Due to Bondholders 7/1/2017 - 1,251,250 1,251,250
Total $ - $ 2,502,500 $ 2,502,500
1 Net of Build America Bond (BAB) credit
Metro previously maintained a $330 million commercial paper program to provide funds for the
Metro Matters Program. Payment of all maturing commercial paper was guaranteed by an
irrevocable letter of credit. In June 2009, Metro retired the $330.0 million commercial paper
program. At the time of bond settlement commercial paper outstanding totaled $314.5 million. All
proceeds from the Series 2009-A Bond issuance and a portion of the proceeds from the jurisdiction
opt out were utilized to retire the commercial paper. The balance of $107.5 million from the
jurisdiction opt out and Series 2009-B proceeds was used to finance the remaining work under the
Metro Matters capital program. (See Table E-2 for schedule of debt service)
During FY2014, Metro increased the availability on its lines of credit from $150 million to $302.5
million. During the second quarter of FY2015, Metro issued a one-year Grant Anticipation Note
(GAN) for $200 million. During the fourth quarter of FY2015, Metro exercised an optional
prepayment right and repaid $100 million of the outstanding GAN balance. Additional optional
prepayments were made during the first quarter of FY2016, with final maturity occurring in
October 2015. The lines of credit and note support Metro’s capital program. The lines of credit are
also available to support operating cash flow needs.
E-2