Audit Report - 1979
SALINA AIRPORT AUTHORITY
Salina, Kansas
AUDIT REPORT
Year 1979
A. H. LECKBAND & CO.
Certified Public Accountants
Accounting Bldg., 719 East Crawford
Salina, Kansas 67401
SALINA AIRPORT AUTHORITY
TABLE OF CONTENTS
Page
Auditor's Report
1
Financial Statements
Balance Sheet
Statement of Revenues, Expenses and Changes in
Statement of Changes in Financial Position
Equity
2
3
4
Summary of Capital Expenditures
5
Notes to Financial Statements
6
SUPPLEMENTAL INFORMATION
Financial Statements-Airport Revolving Account
Balance Sheet
Statement of Revenues, Expenses and Changes in Equity
Statement of Changes in Financial Position
7
8-9
10
Capital Expenditures-Airport Revolving Account
11
Financial Statements-Building Revenue Account
Balance Sheet
Statement of Revenues, Expenses and Changes in Equity
Statement of Changes in Financial Position
12
13
14
Capital Expenditures-Building Revenue Account
15
Bonds of Indebtedness (Summary)
General Obligation Bonds
Building Revenue Bonds-Series
Building Revenue Bonds-Series
Building Revenue Bonds-Series
Building Revenue Bonds-Series
1971
1972
1973
1973-2
16
17
18
19
20
21
Reconcilement of Fiscal Agency Account
22
Schedule of Investments
23
Insurance in Force
24
A. H. LECKBAND & Co.
Certiflcd Public Accountants
A. H LECKOAND. C.P.A.
E"UGE"E 0 HARRiSON. C.P.A
ACCOUNTiNG BUILDING
719 EAST CRAWFORD.
SALINA. KANSAS 67401
MEMBERS AM<RICAN INSTITUTE
01' CEI<TIFIi:O PUBL.'C ACCOUNTANTS
~REA CODE g,3 827.7244
February 4, 1980
The Board of Directors
Salina Airport Authority
Salina, Kansas
We have examined the financial statements listed in the table of
contents of the Salina Airport Authority, Salina, Kansas, for the year
ended December 31, 1979. Our examination was made in accordance with
generally accepted auditing standards and the Minimum Standard Audit
Program approved by the State Municipal Accounting Board, and accordingly
included such tests of the accounting records and such other auditing
procedures as we considered necessary in the circumstances. We have
previously examined and reported on the financial statements for the
preceding year, and have given an unqualified opinion on them.
In our opinion, the aforementioned financial statements present
fairly the financial position of the General Operating Fund of the Salina
Airport Authority at December 31, 1979, and the results of its operations
and changes in its financial position for the year then ended, in conformity
with generally accepted accounting principles applied on a basj~s consistent
with that of the preceding year.
The accompanying supplemental information listed in the table of
contents is not necessary for a fair presentation of the financial
statements, but is presented as additional analytical data. This infor-
mation has been subjected to the tests and other auditing procedures
applied in the examination of the financial statements mentioned above and,
in our opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.
A)-/vI~~a
A. H. LECKBAND & CO.
lJ. 4_JJ r¡j, w ;~ >--J
E~gene O. Harrison, C.P.A.
in charge of and actively
engaged in this audit.
1
December 31
1979 1978
$ 103,050.88 $ 74,524.32
575,000.00 400,000.00
61,296.84
2,004.72 2,226.59
$ 680,055.60 $ 538,047.75
$ 5,274..35 $ 4,976.10
70,000.00 65,000.00
1,083.33 1,208.33
6,810.76
$ 76,357.68 $ 77,995.19
940,000.00 1,110,000.00
3,509,383.70 3,193,139.48
$4,525.741.38 $4.381.134.67
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
BALANCE SHEET
ASSETS
CURRE~'n ASSETS
Cash in banks
Certificates of deposit
ADAP receivable on snow plow
Prepaid bond interest
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Certificates of deposit
Provision for Bond Reserve
Provision for Replacement and
Depreciation
$
21,000.00
12,000..00
TOTAL RESTRICTED ASSETS
$
33,000.00
FIXED ASSETS
Equipment
Buildings
Other improvements
Land
$ 252,883..54
2,941,478..34
992,956..20
478,000..00
$4,665,318,,08
852,632,,30
$3,812,685..78
Less-Accumulated depreciation
TOTAL FIXED ASSETS
TOTAL ASSETS
$4,525,741.38
LIABILITIES A~~ EQUITY
CùKRENT LIABILITIES
Payroll deductions
Bonds payable
Accrued bond interest
Balance due on snow plow
TOTAL CURRENT LIABILITIES
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
$
21,000.00
12,000.00
$
33,000.00
$ 247,515.61
2,638,040.95
446,530.36
478,000.00
$3,810,086.92
$3,810,086.92
$4.381.134.67
The notes to financial statements are an integral part of this statement.
2
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
Januarv 1 to December 31
1979 1978
REVE:JUES
Operating revenues
Proceeds of Airport Development Aid
Program grants
Property sales
Interest on property sales
Interest on investments
$
868,146.70
544,015.66
128,046.05
951.11
59,032.72
TOTAL REVEt-.LJES
$1,600,192.24
EX?E::\SES
Office and administration
iolaintenance
Bond interest and expenses
Depreciation
$
158,457.61
217,706.96
55,151.15
151,537.21
TOTAL EXPENSES
$
582,852.93
EXCESS OF REVENUES OVER EXPENSES
$1,017,339.31
EQUITY-January 1
OTHER CH....^u~GES
Recording of prior years depreciation
3,193,139.48
EQUITY-December 31
(701,095.09)
$3.509.383.70
$ 803,915.22
69,795.02
4,136.31
174.97
32,509.27
$ 910,.':30.79
$ 146,973.61
211 , 144 .97
62,677 .61
$ 420,796.19
$ 489,734.60
2,703,404.88
$3,193,139.48
The notes to financial statements are an integral part of this statement.
3
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
STATEMENT OF CHANGES IN FINANCIAL POSITION
January 1 to December 31
1979 1978
FUNDS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
$1,017,339.31 $ 489,734.60
151,537.21
$1.168,876.52 S 489,734.60
TOTAL FUNDS PROVIDED
FU~~S WERE APPLIED TO:
Capital expenditures
Reduction of long-term liabilities
Increase in working capital
$ 855,231.16 $ 304,515.62
170,000.00 160,000.00
143,645.36 25,218.98
$1.168,876.52 $ 489,734.60
TOTAL FUNDS APPLIED
CFJL~GES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certificates of deposit
Accounts receivable
Prepaid bond interest
$
28,526.56
175,000.00
(61,296.84)
( 221.87)
Current Liabilities-Decrease
Payroll deductions
Bonds payable
Accrued bond interest
Balance due on snow plow
(Increase)
( 298.25)
( 5,000.00)
125.00
6,810.76
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL
$
143,645.36
$ 39,598.12
(100,000.00)
61 , 29ó . 84
871.86
( 330.83)
25,000.00
5,593.75
( 6,8l0.76)
$
25,218.98
The notes to financial statements are an integral part of this statement.
I
.....
Equipment
Buildings
Other improvements
TOTAL CAPITAL EXPENDITURES
SALINA AIRPORT AUTHORITY
GENERAL OPERATING FUND
CAPITAL EXPENDITURES
January 1 to December 31
1979 1978
$ 5,367.93 $ 74,031.73
303,437.39 193,416.63
546,425.84 37,067.26
$855.231.16 $304.515.62
5
SALINA AIRPORT AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 1979
,
J.. .
The Salina Airport Authority is governed by a board of five directors
appointed by the City Commission of the City of Salina, Kansas. The
following directors served during the period of our examination:
Joe C. Cloud, Chairman
Nathan B. Butcher, Vice-Chairman
Ben Vidricksen, Secretary-Treasurer
Dean Tinkler, Chairman until May 22,
W. P. Horton
1979
2.
The following officials, appointed by the Salina Airport Authority Board
of Directors, served during the period of our examination:
John F. Scanlan, Executive Vice-President
Paul Wall, General Manager and Airport Manager
3.
Summary of accounting policies
A. The General Operating Fund is composed of two accounts--the Airport
Revolving Account and the Building Revenue Account. The Airport
Revolving Account is used for general airport operations and the
Building Revenue Account is for segregation of monies and establish-
ment of reserves as provided by the bond ordinances. The provisions
of the bond ordinances have been complied wit;:.
B.
The accrual basis of accounting is used.
C.
Depository security is adequate for all accounts.
D.
Investments are stated at cost.
E.
Fixed assets are stated at
straight-line method based
Equipment
Buildings
Other improvements
cost. Depreciation
on estimated useful
5-10 years
15-30 years
20 years
is computed using the
lives as follows:
4.
Composition of cash balances
First Bank and Trust Co., Salina, Kansas
Planters Bank and Trust Co., Salina, Kansas
First National Bank and Trust Co., Salina, Kansas
National Bank of America, Salina, Kansas
4,180.12
77,360.72
12,380.50
9,129.54
$
$103,050.88
5.
Composition of certificates of deposit
First National Bank and Trust Co., Salina, Kansas
$575,000.00
6
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
BALANCE SHEET
ASSETS
CURRENT ASSETS
Cash in banks
Certificates of deposit
ADAP receivable on snow plow
TOTAL CURRENT ASSETS
FIX:'::D ASSETS
Equipment
Buildings
Other improvements
Land
Less-Accumulated depreciation
TOTAL FIXED ASSETS
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Payroll deductions
Balance due on snow plow
Due to Building Revenue Account
TOTAL CURRENT LIABILITIES
EQUITY
TOTAL LIABILITIES AND EQUITY
1979
December 31
1978
$
81,540.84
$
29,779.05
100,000.00
61,296.84
191,075.89
$
81,540.84
$
$ 247,515.61
651,018.52
446,530.36
478,000.00
$1,823,064.49
$1,823,064.49
$2.014.140.38
$
4,976.10
6,810.76
$
252,883.54
579,768.26
992,956.20
$1,825,608.00
256,824.53
$1,568,783.47
$1,650,324.31
$
5,274.35
$
11,786.86
$
83,000.00
88,274.35
2,002,353.52
$2,014.140.38
The notes to financial statements are an integral part of this statement.
7
1,562,049.96
$1. 650 .324 .31
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
REVE~UES
O?ERATING RE\~NUES
Building rents
Agricultural land rents
Other land rents
Other rents
Fixed base operator
Landing fees
Commissions
Reimbursement-Airport security
Miscellaneous income
January 1 to December 31
1979 1978
$ 273,305.62 $ 250,456.37
18,461.56 20,094.83
17,368.34 14,037.56
780.00 150.00
53,506.74 34,363.51
1l0,812.31 89,871.86
832.93 1,192.99
14,400.00 13,656.00
516.12 1,556.00
$ 489,983.62 $ 425,379.12
$ 544,015.66 $ 69,795.02
7,163.02 13,713.63
$ 551,178.68 $ 83,508.65
$1,041,162.30 $ 508,887.77
TOTAL OPERATING REVENUES
OTHER REVENUES
Proceeds from Airport Development Aid
Program grants
Interest on investments
TOTAL OTHER REVENUES
TOTAL REVENUES
EXPENSES
OPERATING EXPENSES
Office and Administration
Office salaries
Office supplies
Postage
Car expense
Travel expense
Agricultural land expense
Legal and auditing
Insurance
Payroll taxes
Employees retirement
Telephone
Airport security
Other office and administration
SUB-TOTAL
(continued)
$
65,412.00
1,350.98
348.90
2, 673 .94
1,790.44
1,234.00
7,628.00
38,462.21
10,109.11
3,803.35
2,319.11
14,400.00
4, 714 .68
154,246.72
$
$
62,844.00
1,255.53
366.05
2,324.83
992.20
1,021.37
6,551.15
37 ,471 .64
8,950.93
4,785.69
1,805.59
14, 118 .17
3,212.98
$
145,700.13
8
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
(continued)
January 1 to December 31
1979 1978
}1aintenance
Building maintenance
Runways, taxiways and ramps
Equipment, gas, oil and repairs
Utilities
Grounds maintenance
Janitor supplies
Maintenance salaries
Snow removal
Airfield lighting equipment
Other maintenance expense
$ 31,372.16
24, 111 .20
9,874.32
21,299.76
434.90
1,616.43
105,809.59
667.60
770.88
21,750.12
$ 217,706.96
$ 72 , 813 . 54
$ 444,767.22
$ 596,395.08
2,002,353.52
SUB-TOTAL
Depreciation
TOTAL EXPENSES
EXCESS OF REVENUES OVER EXPENSES
EQUITY-January 1
OTHER CHANGES
Transfer of fixed assets to Building
Revenue Account
Recording of prior years depreciation
(852,687.65)
(184,010.99)
$1.562.049.96
EQUITY-December 31
$
44,197.01
5,227.40
6,927.78
20,964.03
785.14
1,541.50
97,561.32
1,226.54
1,324.48
31,389.77
$
211 , 144 .97
$
$ 356,845.10
$ 152,042.67
1,850,310.85
$2.002.353.52
The notes to financial statements are an integral part of this statement.
9
SALINA AIRPORT AUTHORITY
AIRPORT REVOLVING ACCOUNT
STATEMENT OF CHANGES IN FINANCIAL POSITION
January 1 to December 31
1979 1978
FUNDS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
$ 596,395.08
72 , 813 . 54
$ 669.208.62
TOTAL F~~S PROVIDED
FUNDS WERE APPLIED TO:
Capital expenditures
Increase in working capital
$ 855,231.16
(186,022.54)
TOTAL FUNDS APPLIED
$ 669,208.62
CHfu\GES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certificates of deposit
Accounts receivable
$ 51,761.79
(100,000.00)
( 61,296.84)
Current Liabilities-Decrease (Increase)
Payroll deductions
Due to Building Revenue Account
Balance due on snow plow
( 298.25)
( 83,000.00)
6,810.76
$ 086 .022 .54)
TOTAL INCREASE (DECREASE IN WORKING CAPITAL
$152,042.67
$152.042.67
$242,635.62
(90,592.95)
$152.042.67
$ 5,251.80
(150,000.00)
61,296.84
(
(
330.83)
6,810.76)
$(90,592.95)
The notes to financial statements are an integral part of this statement.
10
SALINA AIRPORT AUTHORITY
CAPITAL EXPENDITURES
AIRPORT REVOLVING ACCOUNT
EQUIP¡.ŒNT
Radio-snow plow
Engineering costs-snow plow
Snow plow and carrier vehicle
Engineering costs-crash/fire/rescue
72" mower
truck
TOTAL EQUIPHENT
BUILJINGS
Bldg. ~310-air conditioning system
Bldg. ~957-boiler
Terminal expansion
Ramp cafe building
Warehouse-Schwan's Sales Enterprises, Inc.
TOTAL BUILDINGS
OTP-ER IEPROVEl'ŒNTS
Runway improvements
Terminal parking lot
TOTAL OTHER IMPROVEMENTS
TOTAL CAPITAL EXPENDITURES
January 1 to December 31
1979 1978
$ 610.00
1,013.06
3,744.87
$ 5,367.93
$ 14,025.25
15,759.00
273,653.14
$303,437.39
$546,425.84
$546,425.84
$855.231.16
$
710.53
68,107.60
5, 213 . 60
$ 74,031.73
$
2,168.63
3,250.00
126,118.00
$131,536.63
$ 21,534.28
15,532.98
$ 37,067.26
$242.635.62
The notes to financial statements are an integral part of this statement.
11
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
BALANCE SHEET
December 31
1979
1978
. ASSETS
CuRRENT ASSETS
Cash in banks
Certificates of deposit
Prepaid bond interest
Due from Airport Revolving
Account
$ 21,510.04 $ 44,745.27
575,000.00 300,000.00
2,004.72 2,226.59
83,000.00
$ 681,514.76 $ 346,971.86
TOTAL CURRENT ASSETS
RESTRICTED ASSETS
Certificates of deposit
Provision for Bond Reserve
Provision for Replacement and
Depreciation
$
21,000.00
$
21,000.00
12,000.00
12,000.00
TOTAL RESTRICTED ASSETS
$
33,000.00
$
33,000.00
FIXED ASSETS
Buildings
Land
TOTAL FIXED ASSETS
$2,361,710.08 $1,987,022.43
478,000.00
$2,839,710.08 $1,987,022.43
595,807.77
$2,243,902.31 $1,987 ,022 .43
$2~958.417.07 $2,366,994.29
Less-accumulated depreciation
TOTAL ASSETS
LIABILITIES AND EQUITY
CL~ENT LIABILITIES
Bonds payable
Accrued bond interest
TOTAL CURRENT LIABILITIES
$ 70,000.00 $ 65,000.00
1,083.33 1,208.33
$ 71,083.33 $ 66,208.33
940,000.00 1,110,000.00
1,947,333.74 1,190,785.96
$2.958,417.07 $2,366,994.29
LONG-TERM LIABILITIES
Bonds payable
EQUITY
TOTAL LIABILITIES AND EQUITY
The notes to financial statements are an integral part of this statement.
12
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF REVENUES, EXPENSES AND
CHANGES IN EQUITY
January 1 to December 31
1979 1978
REV::~UES
OPERATING REVE:JUES
Building rents
Agricultural land rents
O~her land rents
Hangar rents
Other rents
TOTAL OPERATING REVENUES
$ 301,042.24 $ 307,118.67
22,570.17 12,572.99
618.30 1,600.00
19,274.00 19,244.40
34,658.37 38,000.04
$ 378,163.08 $ 378,536.10
$ 128,046.05 $ 4,136.31
951.11 174.97
51,869.70 18,795.64
$ 180,866.86 $ 23,106.92
$ 559,029.94 $ 401.643.02
OTHER REVENUES
Sale of property
Interest on sale of property
Interest on investments
TOTAL OTHER REVENUES
TOTAL REVENUES
EXPENSES
OPERATING EXPENSES
Agricultural land expenses
Bond interest expense
Expense relating to bond issues
Depreciation
EQUITY-January 1
OTHER CHANGES
Transfer of fixed assets
Revolving Account
Recording of prior years
from Airport
$ 4,210.89 $ 1,273.48
54,828.12 62,290.64
323.03 386.97
78,723.67
$ 138.085.71 $ 63,951.09
$ 420,944.23 $ 337,691.93
1,190,785.96 853,094.03
852,687.65
(517,084.10)
$1.947,333.74 $1,190,785.96
TOTi-.L EXPENSES
EXCESS OF REVENUES OVER EXPENSES
depreciation
EQUITY-December 31
The notes to financial statements are an integral part of this statement.
13
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
STATEMENT OF CHANGES IN FINANCIAL POSITION
January 1 to December 31
1979 1978
Fù~DS WERE PROVIDED BY:
Excess of revenues over expenses
Depreciation
$
420,944.23
78,723.67
$
337,691.93
TOTAL FU~~S PROVIDED
$
499.667.90
$
337,691.93
FUNDS WERE A?PLIED TO:
Capital expenditures
Reduction in long-term liabilities
Increase in working capital
TOTAL FUNDS APPLIED
$ $ 61,880.00
170,000.00 160,000.00
329,667.90 115,811.93
$ 499,667.90 $ 337,691.93
CHk\GES IN WORKING CAPITAL
Current Assets-Increase (Decrease)
Cash in banks
Certificates of deposit
Prepaid bond interest
Due from Airport Revolving Account
Current Liabilities-Decrease (Increase)
Bonds payable
Accrued bond interest
$ (23,235.23) $ 34,346.32
275,000.00 50,000.00
( 221.87) 871.86
83,000.00
( 5,000.00) 25,000.00
125.00 5,593.75
$ 329.667.90 $ 115,811.93
TOTAL INCREASE (DECREASE) IN WORKING CAPITAL
The notes to financial statements are an integral part of this statement.
14
SALINA AIRPORT AUTHORITY
BUILDING REVENUE ACCOUNT
CAPITAL EXPENDITURES
January 1 to December 31
1979 1978
BUILDINGS
Bldg. #260-Schwan's Sales Enterprises, Inc.
Steel siding-Beechcraft Employees Club
TOTAL CAPITAL EXPENDITURES
$
$ 55,000.00
6,880.00
$ 61,880.00
$
The notes to financial statements are an integral part of this statement.
15
SALINA AIRPORT AUTHORITY
BONDS OF INDEBTEDNESS
December 31, 1979
Original Principal Outstanding
Issue Paid Balance
General Obligation Bonds $ 790,000.00 $ 430,000.00 $ 360,000.00
31.1ilding Revenue Bonds-Series 1971 250,000.00 215,000.00 35,000.00
Build ing Revenue Bonds-Series 1972 500,000.00 260,000.00 240,000.00
Building Revenue Bonds-Series 1973 350,000.00 175,000.00 175,000.00
Building Revenue Bonds-Series 1973-2
350,000.00
$2,240,000.00
150,000.00
200,000.00
$1.010.000.00
$lþ230,OOO.00
The notes to financial statements are an integral part of this statement.
16
SALINA AIRPORT AUTHORITY
GENERAL OBLIGATION BONDS
December 31, 1979
Date of Issue:
Amount of Issue:
Interest Rate:
Naturity Date:
Principal Paid:
Outstanding Balance:
February 1, 1967
$790,000.00
4.25, 3.375, 3.4%
February 1, 1988
$430,000.00
$360,000.00
Schedule of Payments
Due in Bond Bond
Year Principal Interest
1980 $ 40,000.00* $12,881.29
1981 45,000.00 11 ,446.92
1982 45,000.00 9,928.17
1983 45,000.00 8,409.42
1984 45,000.00 6,885.00
1985 45,000.00 5,355.00
1986 45,000.00 3,825.00
1987 45,000.00 2,295.00
1988 45,000.00 765.00
$400.000.00 $61. 790.80
* Paid December 31, 1979
17
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1971
December 31, 1979
Date of Issue:
Amount of Issue:
Interest Rate:
Haturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Year
1980
1981
Bond
Principal
$35,000.00*
35,000.00
$70.000.00
* Paid December 31, 1979
January 1, 1971
$250,000.00
5%
January 1, 1981
$215,000.00
$35,000.00
Bond
Interest
$ 2,625.00
875.00
$ 3,500.00
18
SALINA AIRPORT AUTHORITY
BUILDING REVE~~E BONDS-SERIES 1972
December 31, 1979
Date of Issue:
&~ount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Year
1980
1981
1982
1983
1984
Bond
Principal
$ 45,000.00
45,000.00
50,000.00
50,000.00
50,000.00
$240.000.00
July 1, 1972
$500,000.00
4.5, 5%
July 1, 1984
$260,000.00
$240,000.00
Bond
Interest
$11,775.00
9,750.00
7,500.00
5,000.00
2,500.00
$36,525.00
19
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1973
December 31, 1979
Date of Issue:
fuùount of Issue:
Interest Rate:
Haturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Bond
Principal
$ 25,000.00*
25,000.00
40,000.00
40,000.00
35,000.00
35,000.00
$200.000.00
Year
1980
1981
1982
1983
1984
1985
* Paid December 31, 1979
January 1, 1973
$350,000.00
5.25%
February 1, 1985
$175,000.00
$175,000.00
Bond
Interest
$ 9,843.75
8,531.25
6,825.00
4,725.00
2,756.25
918.75
$33.600.00
20
SALINA AIRPORT AUTHORITY
BUILDING REVENUE BONDS-SERIES 1973-2
December 31, 1979
Date of Issue:
A~ount of Issue:
Interest Rate:
Maturity Date:
Principal Paid:
Outstanding Balance:
Schedule of Payments
Due in
Year
Bond
Principal
$ 25,000.00
25,000.00
40,000.00
40,000.00
35,000.00
35,000.00
1980
1981
1982
1983
1984
1985
$200.000.00
December 31, 1973
$350,000.00
6, 6.5%
December 1, 1985
$150,000.00
$200,000.00
Bond
Interest
$13,000.00
11,375.00
9,750.00
7,150.00
4,550.00
2,275.00
$48.100.00
21
SALINA AIRPORT AUTHORITY
RECONCILE~ŒNT OF FISCAL AGENCY ACCOUNT
December 31, 1979
EALASCE HITH FISCAL AGENCY-January 1, 1979
RE:-1l7TANCES
iola tured bonds
Interest coupons
TOTAL REMITTANCES AND BEGINNING BALANCE
RETùKNS
Cancelled bonds
Interest coupons paid
BALANCE WITH FISCAL AGENCY-December 31, 1979
$ 40,000.00
14,231.29
$ 40,000.00
14,400.05
$
168.76
54,231.29
$54,400.05
54,400.05
$
- 0 -
22
AIRPORT REVOLVING ACCOUNT
Certificates of deposit
BUILDING REVENUE ACCOUNT
Certificates of deposit
TOTÞ.L-
GENERAL OPERATING FUND
SALINA AIRPORT AUTHORITY
SCHEDULE OF INVESTMENTS
December 31, 1979
Balance
1-1-79
Redemptions
Year 1979
Balance
12-31-79
Purchases
Year 1979
$100,000.00 $ 300,000.00 $ 400,000.00 $
333,000.00 2,061,000.00 1,786,000.00 608,000.00
$433.000.00 $2,361,000.00 $2,186,000.00 $608,000.00
23
\\'orkmen I S Compensation and
Employer's Liability
Comprehensive General
LL?bility
Owners', Landlords', and
Tenants'Liability
Rental Buildings-
Industrial
Rental Eui1dings-
Dwellings
Airport Terminal and
Rental Buildings
Vehicles
Public Employees
Blanket Bond
SALINA AIRPORT AUTHORITY
INSURANCE IN FORCE
December 31, 1979
Type of Coverage
Bodily injury and
property damage
Bodily injury and
property damage
Fire and lightning,
extended coverage,
vandalism and malicious
mischief-rental value
insurance
Fire and lightning,
extended coverage
Amount of
Coverage
$ 100,000.00
500,000.00
500,000.00
558,399.00
68,800.00
Fire and lightning,
extended coverage,
vandalism and malicious
mischief 2,207,000.00
Bodily injury
Property damage
Physical damage
Medical payments
Uninsured motorists
Honesty blanket
position bond coverage
100/300,000.00
50,000.00
129,600.00
2,000.00
15/30,000.00
100,000.00
Co-Insurance
Percentage
80%
90%
24