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Audit Report - 1984 SALINA AIRPORT AUTHORITY Salina, Kansas AUDIT REPORT Year 1984 A. H. LECKBAND & CO. Certified Public Accountants Accounting Bldg., 719 East Crawford Salina, Kansas 67401 SALINA AIRPORT AUTHORITY TABLE OF CONTENTS Auditor's Report Financial Statements Balance Sheet Statement of Revenues, Expenses and Changes in Statement of Changes in Financial Position Summary of Capital Expenditures Notes to Financial Statements SUPPLEMENTAL INFORMATION Financial Statements-Airport Revolving Account Balance Sheet Statement of Revenues, Expenses and Changes in Statement of Changes in Financial Position Capital Expenditures-Airport Revolving Account Financial Statements-Building Revenue Account Balance Sheet Statement of Revenues, Expenses and Changes in Statement of Changes in Financial Position Capital Expenditures-Building Revenue Account Bonds of Indebtedness (Summary) General Obligation Bonds Building Revenue Bonds-Series Building Revenue Bonds-Series Building Revenue Bonds-Series 1973 1973-2 1984 Reconcilement of Fiscal Agency Account Schedule of Investments Insurance in Force 1 Equity 2 3 4 5 6-7 Equity 8 9-10 11 12 Equity 13 14 15 16 17 18 19 20 21 22 23 24 A. H. LECK8AND & co. CERTIFIED PUBLIC ACCOUNTANTS 719 EAST CRAWFORD SALINA, KANSAS 67401 A. H. LECK8AND. C.P.A. EUGENE O. HARRISON. C.P.A. MEMBERS AMERICAN INSTITUTE OF' CERTIF'IED PUBLIC ACCOUNTANTS ACCOUNTING DEPARTMENT (913) 827-7244 DATA PROCESSING DEPARTMENT (913) 827-7245 February 18, 1985 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, 1984. 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, 1984, 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 basis consistent with that of the preceding year. The accompanying supplemental information listed on the table of contents is not necessary for a fair presentation of the financial statements, but is presented as additional analytical data. This information 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.H. LECKBAND & CO. ~/cJ.¿¿~~ Eugëne O. Harr~son, .. in charge of and actively engaged in this audit. 1 SALINA AIRPORT AUTHORITY GENERAL OPERATING FUND BALANCE SHEET ASSETS CURRENT ASSETS Cash in banks Certificates of deposit Notes receivable Prepaid bond interest 1984 December 31 1983 515,000.00 250,000.00 7,858,526.50 6,622,145.85 $8,447,334.77 $6,968,737.05 $ 178,604.32 1,120,000.00 9,853.72 3,978.75 TOTAL CURRENT ASSETS $1,312,436.79 RESTRICTED ASSETS Certificates of deposit Provision for Bond Reserve Provision for Replacement and Depreciation Reserve Fund for Non-Recurring Main- tenance and Capital Improvements $ 18,000.00 5,000.00 40,000.00 TOTAL RESTRICTED ASSETS $ 63,000.00 FIXED ASSETS Equipment Buildings Other Improvements Land $ 673,602.71 5,623,651.67 2,322,655.96 478,000.00 $9,097,910.34 2,092,010.38 Less-accumulated depreciation TOTAL FIXED ASSETS $7,005,899.96 OTHER ASSETS Long-term notes receivable $ 65,998.02 TOTAL ASSETS $8,447,334.77 LIABILITIES AND EQUITY CURRENT LIABILITIES Payroll deductions Bond payable Deferred rent income Accrued bond interest $ 2,320.36 55,000.00 5,916.03 10,571.88 TOTAL CURRENT LIABILITIES $ 73,808.27 LONG-TERM LIABILITIES Bonds payable EQUITY TOTAL LIABILITIES AND EQUITY $ 577 ,061. 24 580,000.00 9,684.82 9,412.50 $1,176,158.56 $ 21,000.00 12,000.00 40,000.00 $ 73,000.00 $ 639,116.64 4,560,420.90 1,728,465.07 478,000.00 $7,406,002.61 1,762,275.86 $5,643,726.75 $ 75,851.74 $6,968,737.05 $ 5,243.28 85,000.00 6 , 347 . 92 $ 96,591.20 The notes to financial statements are an integral part of this statement. 2 SALINA AIRPORT AUTHORITY GENERAL OPERATING FUND STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN EQUITY January 1 to December 31 1984 1983 REVENUES Operating revenues Income from mill levy Proceeds of Airport Development Aid Program grants Property sales Interest on property sales Interest on investments $1,023,840.86 345,800.28 514,616.21 2 , 401. 00 10,472.21 166,773.00 TOTAL REVENUES $2,063,903.56 EXPENSES Office and administration Maintenance Bond interest and expenses Depreciation $ 193,321.94 269,047.93 27,418.71 337,734.33 TOTAL EXPENSES $ 827,522.91 EXCESS OF REVENUES OVER EXPENSES $1,236,380.65 EQUITY-January 1 6,622,145.85 EQUITY-Decmeber 31 $7,858,526.50 $ 971,348.04 310,086.46 706,621.69 142,000.00 11,344.08 121,662.48 $2,263,062.75 $ 206,738.93 245,542.96 22,825.81 280,824.86 $ 755,932.56 $1,507,130.19 5,115,015.66 $6,622,145.85 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 1984 1983 FUNDS WERE PROVIDED BY: Excess of revenues over expenses Depreciation Disposition of fixed assets Decrease in restricted assets Decrease in long-term receivable Increase in long-term liabilities $1,236,380.65 337,734.33 11,899.81 10,000.00 9,853.72 400,000.00 TOTAL FUNDS PROVIDED $2,005,868.51 FUNDS WERE APPLIED TO: Capital expenditures Depreciation on assets disposed of Reduction of long-term liabilities Increase in working capital $1,703,807.54 7,999.81 135 ,000.00 159,061.16 TOTAL FUNDS APPLIED $2,005,868.51 CHANGES IN WORKING CAPITAL Current Assets-Increase (Decrease) Cash in banks Certificates of deposit Notes receivable Prepaid bond interest $( 398,456.92) 540,000.00 168.90 ( 5,433.75) Current Liabilities-Decrease Payroll deductions Bonds payable Deferred rent income Accrued bond interest (Increase) ( ( 2,922.92 30,000.00 5,916.03) 4,223.96) TOTAL INCREASE (DECREASE) IN WORKING CAPITAL $ 159,061.16 $1,507,130.19 280,824.86 9,533.05 $1,797,488.10 $ 941,059.71 165,000.00 691,428.39 $1,797,488.10 $ 372,442.80 310,000.00 1,740.04 559.42) 169.54) 5,000.00 2,974.51 $ 691,428.39 The notes to financial statements are an integral part of this statement. 4 SALINA AIRPORT AUTHORITY GENERAL OPERATING FUND CAPITAL EXPENDITURES Buildings January 1 to December 31 1984 1983 $ 46,385.88 $ 41,127.01 1,063,230.77 196,078.64 594,190.89 703,854.06 $1,703,807.54 $ 941,059.71 Equipment Other improvements TOTAL CAPITAL EXPENDITURES The notes to financial statements are an integral part of this statement. 5 THE SALINA AIRPORT AUTHORITY NOTES TO FINANCIAL STATEMENTS December 31, 1984 1. The Salina Airport Authority is governed by a Board of five directors appointed by the City Commission of City of Salina, Kansas. The following directors served during the period of our examination: Edward Pogue, Chairman Thomas J. Kennedy, Vice-Chairman Robert D. Wilbur, Secretary-Treasurer Joe C. Cloud, Assistant Secretary Carl Engstrom Ben Vidricksen-term expired April 26, 1984 2. The following officials, appointed by the Salina Airport of Directors, served during the period of our examination: Authority Board John F. Scanlan, Executive Vice-President Donald C. Kneubuhl, Director of Operations 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 with. B. On May 13, 1980, the board of directors adopted a resolution authorizing the establishment of a "Reserve Fund for Non-Recurring Maintenance and Capital Expenditures" to be used only for those purposes after board approval. The Reserve Fund had a balance of $40,000.00 at December 31, 1984 C. The accrual basis of accounting is used. D. Depository security is adequate for all accounts. E. Investments are stated at cost. F. Fixed assets are stated at cost. Depreciation is computed using the straight-line method based on estimated useful lives as follows: Equipment Buildings Other improvements 5-10 years 15-30 years 20 years 6 SALINA AIRPORT AUTHORITY NOTES TO FINANCIAL STATEMENTS (continued) December 31, 1984 4. Composition of cash balances Planters Bank and Trust Co., Salina, Kansas First National Bank and Trust Co., Salina, Kansas National Bank of America, Salina, Kansas 5. Composition of certificates of deposit First National Bank and Trust Co., Salina, National Bank of America, Salina, Kansas Planters Bank & Trust Co., Salina, Kansas First Bank and Trust Co., Salina, Kansas Kansas $ 39,720.84 85,560.07 53,323.41 $ 178,604.32 $ 131,000.00 566,000.00 386,000.00 100,000.00 $1,183,000.00 7 $ 2,320.36 $ 5,243.28 907,685.63 465,434.27 $ 910,005.99 $ 470,677.55 3,311,103.21 2,598,878.55 $4,221,109.20 $3,069,556.10 SALINA AIRPORT AUTHORITY AIRPORT REVOLVING ACCOUNT BALANCE SHEET ASSETS 1984 CURRENT ASSETS Cash in banks Certificates of deposit $ 39,720.84 50,000.00 TOTAL CURRENT ASSETS $ 89,720.84 FIXED ASSETS Equipment Buildings Other improvements Land $ 673,602.71 2,126,817.29 2,322,655.96 Less-accumulated depreciation $5,123,075.96 991,687.60 TOTAL FIXED ASSETS $4,131,388.36 TOTAL ASSETS $4,221,109.20 LIABILITIES AND EQUITY CURRENT LIABILITIES Payroll deductions Due to Building Revenue Account TOTAL CURRENT LAIBILITIES EQUITY TOTAL LIABILITIES AND EQUITY December 31 1983 $ 418,596.69 $ 418,596.69 $ 639,116.64 1,063,586.52 1,728,465.07 $3,431,168.23 780,208.82 $2,650,959.41 $3,069,556.10 The notes to dinancial statements are an integral part of this statement. 8 SALINA AIRPORT AUTHORITY AIRPORT REVOLVING ACCOUNT STATEMENT OF REVENUES, EXPENSES AND CHANGES IN EQUITY TOTAL OPERATING REVENUES January 1 to December 31 1984 1983 $ 336,318.26 $ 299,962.07 28,083.44 14,986.25 23,447.64 23,193.11 1,525.00 1,725.00 69,211.11 57,649.30 7,722.31 21,865.49 4,868.72 5,196.74 2,057.77 6,748.01 $ 473 ,234.25 $ 431,325.97 REVENUES OPERATING REVENUES Building rents Agricultural land rents Other land rents Other rents Fixed base operator Landing fees Commissions Miscellaneous income OTHER REVENUES Proceeds from Airport Development Aid program grants Income from mill levy Interest on investments TOTAL OTHER REVENUES $ 514,616.21 $ 706,621.69 345,800.28 310,086.46 54,092.49 26,898.55 $ 914,508.98 $1,043,606.70 $1,387,743.23 $1,474,932.67 TOTAL REVENUES EXPENSES OPERATING EXPENSES Office and Administration Office salaries $ 80,190.54 $ 75,464.08 Office supplies 2,561.03 8,175.83 Postage 1,302.97 2,839.23 Car expense 2,636.18 2,886.95 Travel expense 1,365.30 736.03 Agricultural land expense 4,510.54 811. 38 Legal and auditing 22,663.85 11,535.11 Insurance 32,861.08 39,339.52 Engineering 6,795.03 1,138.55 Payroll taxes 12,856.53 11 ,628.68 Employees retirement 6,953.02 7 , 722 . 68 Telephone 4,028.83 3,702.30 Contribution to industrial development program 20,000.00 Other office and administration 8,351.15 9,457.28 SUB-TOTAL $ 187,076.05 $ 195,437.62 (continued) 9 SALINA AIRPORT AUTHORITY AIRPORT REVOLVING ACCOUNT STATEMENT OF REVENUES, EXPENSES AND CHANGES IN EQUITY (continued) January 1 to December 31 Maintenance 1984 1983 Building maintenance $ 38,039.54 $ 54,056.24 Runways, taxiways, and ramps 27,245.34 23,294.17 Equipment, gas, oil and repairs 37,583.98 17,331.23 Utilities 37,369.83 34,369.58 Grounds maintenance 1,287.71 3,240.09 Janitor supplies 812.24 906.22 Maintenance salaries 90,361.43 98,657.43 Snow removal 225.00 1,349.08 Airfield lighting equipment 5,400.26 3,012.31 Fire department expense 2,602.80 1,389.90 Other maintenance expense 28,035.80 7,398.91 SUB-TOTAL $ 268,963.93 $ 245,005.16 Depreciation $ 219,478.59 $ 163,360.66 TOTAL EXPENSES $ 675,518.57 $ 603,803.44 EXCESS OF REVENUES OVER EXPENSES $ 712,224.66 $ 871,129.23 EQUITY-January 1 2,598,878.55 1,727,749.32 EQUITY-December 31 $3,311,103.21 $2,598,878.55 The notes to financial statements are an integral part of this statement. 10 SALINA AIRPORT AUTHORITY AIRPORT REVOLVING ACCOUNT STATMENT OF CHANGES IN FINANCIAL POSITION FUNDS WERE PROVIDED BY: Excess of revenues over expenses Depreciation Disposition of fixed assets Decrease in working capital TOTAL FUNDS PROVIDED FUNDS WERE APPLIED TO: Capital expenditures Depreciation on assests disposed of Increase in working capital TOTAL FUNDS APPLIED CHANGES IN WORKING CAPITAL Current Assets-Increase (Decrease) Cash in banks Certificates of deposit Current Liabilities-Decrease (Increase) Payroll deductions Due to Building Revenue Account TOTAL INCREASE (DECREASE) IN WORKING CAPITAL January 1 to December 31 1984 1983 $ 712,224.66 219,478.59 11,899.81 768,204.29 $ 871,129.23 163,360.66 $1,711,807.35 $1,703,807.54 7,999.81 $1,711,807.35 $( 378,875.85) 50,000.00 2,922.92 ( 442,251.36) $ 068,204.29) $1,034,489.89 $ 893,568.03 140,921. 86 $1,034,489.89 $ 313,525.67 ( 169.54) ( 172,434.27) $ 140,921. 86 The notes to financial statements are an integral part of this statement. 11 January 1 to December 31 1984 1983 $ 4,597.20 3,322.56 6,932.00 1,062.57 6,891.55 9,697.00 13,883.00 $ 968.90 2,188.79 8,552.00 6,106.57 949.75 6,350.00 14,932.00 1,079.00 $ 46,385.88 $ 41,127.01 $ 55,000.00 841,359.41 50,000.00 3,050.00 16,085.00 9,200.00 40,052.34 69,035.00 44,420.78 7,850.05 4,063.24 5,649.75 50,000.00 6,032.16 10,020.00 $ 148,586.96 $ 14,367.93 638,768.69 50,717.44 $ 703,854.06 $ 893,568.03 SALINA AIRPORT AUTHORITY ~IRPORT REVOLVING ACCOUNT CAPITAL EXPENDITURES EQUIPMENT Conference table and chairs Radio equipment Air compressor Nova air1ess paint sprayer 1984 Chevrolet pickup 1984 Ford station wagon 1984 IHC tractor Coffee shop equipment Snow plow improvements 1983 Ford pickup Yazoo model 60 mower Snapper mowers and edger GE radio system Hesston model 666 tractor Generator TOTAL EQUIPMENT BUILDINGS Bldg. 310-addition Federal Mogul bldg. Bldg. 26l7-addition Coffee shop entry Bldg 595-entry and roof Bldg. 650-new roof Bldg. 512-addition Equipment shed Bldg. 207-maintenance shop addition Bldg. 3l3-addition Engineering costs-AFS bldg. Bldg. 310-furnace TOTAL BUILDINGS $1,063,230.77 OTHER IMPROVEMENTS Runway lighting Runway overlay Pave parking at Beech Fencing Sewer line extension $ 149,856.56 427,115.16 10,991.17 6,228.00 TOTAL OTHER IMPROVEMENTS $ 594,190.89 TOTAL CAPITAL EXPENDITURES $1,703,807.54 The notes to financial statements are anintegra1 part of this statement. 12 SALINA AIRPORT AUTHORITY BALANCE SHEET BUILDING REVENUE ACCOUNT ASSETS CURRENT ASSETS Cash in banks Certificates Qf deposit Notes receivable Prepaid bond interest Due from Airport Revolving Account TOTAL CURRENT ASSETS RESTRICTED ASSETS Certificates of deposit Provision for Bond Reserve Provision for Replacement and Depreciation Reserve Fund for Non-Recurring Maintenance and Capital Improvement TOTAL RESTRICTED ASSETS FIXED ASSETS Buildings Land Less-accumulated depreciation TOTAL FIXED ASSETS OTHER ASSETS Long-term notes receivable TOTAL ASSETS LIABILITIES AND EQUITY CURRENT LIABILITIES Bonds payable Deferred rent income Accrued bond interest TOTAL CURRENT LIABILITIES LONG-TERM LIABILITIES Bonds payable EQUITY TOTAL LIABILITIES AND EQUITY 1984 $ 138,883.48 1,070,000.00 9,853.72 3,978.75 907,685.63 $2,130,401.58 $ 18,000.00 December 31 1983 $ 158,464.55 580,000.00 9,684.82 9,412.50 465,434.27 5,000.00 40,000.00 $ 63,000.00 $1,222,996.14 $ 21,000.00 $3,496,834.38 478,000.00 $3,974,834.38 1.100,322.78 $2,874,511.60 $ 65,998.02 12,000.00 40,000.00 $ 73,000.00 $5,133,911.20 $ 55,000.00 5,916.03 10,571.88 $3,496,834.38 478,000.00 $3,974,834.38 982,067.04 $2,992,767.34 $ 75,851.74 $ 71,487.91 $4,364,615.22 $ 85,000.00 515,000.00 4,547,423.29 $5,133,911.20 6,347.92 $ 91,347.92 250,000.00 4,023,267.30 $4,364,615.22 The notes to financial statements are an integral part of this statement. 13 SALINA AIRPORT AUTHORITY BUILDING REVENUE ACCOUNT STATEMENT OF REVENUES, EXPENSES AND CHANGES IN EQUITY TOTAL OPERATING REVENUES January 1 to December 31 1984 1983 $ 411,350.97 $ 407,194.23 30,016.29 29,054.41 6,987.50 4,245.00 57,251.85 54,318.43 45,000.00 45,210.00 $ 550,606.61 $ 540,022.07 $ 2,401. 00 $ 142,000.00 10,472.21 11 , 344 . 08 112,680.51 94,763.93 $ 125,553.72 $ 248,108.01 $ 676,160.33 $ 788,130.08 REVENUES OPERATING REVENUES Building rents Agricutural land rents Other land rents Hangar rents Other rents OTHER REVENUES Sale of property Interest on sale of property Interest on investments TOTAL OTHER REVENUES TOTAL REVENUES EXPENSES OPERATING EXPENSES Agricutural land expenses Building maintenance Engineering Bond interest expense Expense relating to bond Depreciation issues $ 5,020.89 $ 5,678.24 84.00 537.80 1,225.00 5,623.07 21,892.97 22,309.91 5,525.74 515.90 118,255.74 117,464.20 $ 152,004.34 $ 152,129.12 $ 524,155.99 $ 636,000.96 4,023,267.30 3,387,266.34 $4,547,423.29 $4,023,267.30 TOTAL EXPENSES EXCESS OF REVENUES OVER EXPENSES EQUITY-January 1 EQUITY-December 31 The notes to financial statements are an integral part of this statement. 14 SALINA AIRPORT AUTHORITY BUILDING REVENUE ACCOUNT STATEMENT OF CHANGES IN FINANCIAL POSITION January 1 to December 31 1984 1983 FUNDS WERE PROVIDED BY: Excess of revenues over expenses Depreciation Decrease in restricted assets Decrease in long-term receivable Increase in long-term liabilities TOTAL FUNDS PROVIDED $ 524,155.99 $ 636,000.96 118,255.74 117,464.20 10,000.00 9,853.72 9,533.05 400,000.00 $1,062,265.45 $ 762,998.21 $ $ 47,491.68 135 ,000.00 165,000.00 927,265.45 550,506.53 $1,062,265.45 $ 762,998.21 FUNDS WERE APPLIED TO: Capital expenditures Reduction in long-term liabilities Increase in working capital TOTAL FUNDS APPLIED CHANGES IN WORKING CAPITAL Current Assets-Increase (Decrease) Cash in banks $( 19,581. 07) $ 58,917.13 Certificates of deposit 490,000.00 310,000.00 Notes receivable 168.90 1,740.04 Prepaid bond interest ( 5,433.75) 559.42) Due from Airport Revolving Account 442,251.35 172,434.27 Current Liabilities-Decrease (Increase) Bonds payable 30,000.00 5,000.00 Deferred rent income ( 5,916.03) Accrued bond interest ( 4,223.96) 2,974.51 TOTAL INCREASE (DECREASE) IN WORKING CAPITAL $ 927,265.45 $ 550,506.53 The notes to financial statements are an integral part of this statement. 15 BUILDINGS Port-A-Port hangars Bldg. #1021-addition TOTAL CAPITAL EXPENDITURES SALINA AIRPORT AUTHORITY BUILDING REVENUE ACCOUNT CAPITAL EXPENDITURES $ January 1 to December 31 1984 1983 $ 17,647.44 29,844.24 $ 47,491.68 $ The notes to financial statements are an integral part of this statement. 16 General Obligation Bonds Building Revenue Bonds Series 1973 Building Revenue Bonds Series 1973-2 Building Revenue Bonds Series 1984 SALINA AIRPORT AUTHORITY BONDS OF INDEBTEDNESS December 31, 1984 Original Issue $ 790,000.00 350,000.00 350,000.00 400,000.00 $1,890,000.00 Principal Paid $ 655,000.00 350,000.00 315,000.00 $1,320,000.00 Outstanding Balance $ 135,000.00 35,000.00 400,000.00 $ 570,000.00 17 THE SALINA AIRPORT AUTHORITY ~ENERAL OBLIGATION BONDS December 31, 1984 Date of Issue: Amount of Issue: Interest Rate: Maturity Date: Principal Paid: Outstanding Balance: February 1, 1967 $790,000.00 4.25, 3.375, 3.4% February 1, 1988 $655,000.00 $135 ,000.00 Schedule of Payments Due in Year Bond Principal Bond Interest 1985 1986 1987 1988 $ 45,000.00* 45,000.00 45,000.00 45,000.00 $ 5,355.00 3,825.00 2,295.00 765.00 $180,000.00 $12,240.00 * Paid December 28, 1984 18 SALINA AIRPORT AUTHORITY BUILDING REVENUE BONDS-SERIES 1973 December 31, 1984 Date of Issue: Amount of Issue: Interest Rate: Maturity Date: Principal Paid: Outstanding Balance: Schedule of Payments Due in Year Bond Principal 1985 $35,000.00* * Paid December 17, 1984 January 1, 1973 $350,000.00 5.25% February 1, 1985 $350,000.00 Bond Interest $918.75 19 SALINA AIRPORT AUTHORITY BUILDING REVENUE BONDS-SERIES 1973-2 December 31, 1984 Date of Issue: Amount of Issue: Interest Rate: Maturity Date: Principal Paid: Outstanding Balance: December 31, 1973 $350,000.00 6, 6.5% December 1, 1985 $315,000.00 $35,000.00 Schedule of Payments Due in Year Bond Principal Bond Interest $35,000.00 $2,275.00 1985 20 SALINA AIRPORT AUTHORITY BUILDING REVENUE BONDS-SERIES 1984 December 31, 1984 Date of Issue: Amount of Issue: Interest Rate: Maturity Date: Principal Paid: Outstanding Balance: Schedule of Payments Due in Year Bond Principal 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 $ 20,000.00 30,000.00 30,000.00 30,000.00 40,000.00 40,000.00 50,000.00 50,000.00 50,000.00 60,000.00 $400,000.00 May 1, 1984 $400,000.00 * May 1, 1994 $400,000.00 Bond Interest $22,000.00 * * * * * * * * * * $ * * Interest rate to be calculated on each interest payment date for the ensuing six months period. 21 SALINA AIRPORT AUTHORITY RECONCILEMENT OF FISCAL AGENCY ACCOUNT December 31, 1984 BALANCE WITH FISCAL AGENCY-January 1, 1984 REMITTANCES Matured bonds Interest coupons Bond commission and postage TOTAL REMITTANCES AND BEGINNING BALANCE RETURNS Cancelled bonds Interest coupons Commission and postage retained BALANCE WITH FISCAL AGENCY-Decmeber 31, 1984 $45,000.00 6,120.00 11. 25 $45,000.00 6,120.00 11.25 $ 51,131. 25 $51,131. 25 51,131.25 $ 22 SALINA AIRPORT AUTHORITY SCHEDULE OF INVESTMENTS December 31, 1984 Balance Purchases Redemptions Balance 1-1-84 Year 1984 Year 1984 12-31-84 AIRPORT REVOLVING ACCOUNT Certificates of depos it $ $1,280,000.00 $1,230,000.00 $ 50,000.00 BUILDING REVENUE ACCOUNT Certificates of deposit 653,000.00 4,314,000.00 3,834,000.00 1,133,000.00 TOTAL GENERAL OPERATING FUND $653,000.00 $5,594,000.00 $5,064,000.00 $1,183,000.00 23 Workmen's Compensation and Employer's Liability Comprehensive General Liability Owners', Landlords', and Tenants' Liability Rental Buildings- Industrial Airport Terminal and Rental Buildings Vehicles and Equipment Public Employees Blanket Bond SALINA AIRPORT AUTHORITY INSURANCE IN FORCE December 31, 1984 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, vandalism and malicious mischief Liability Physical damage Medical payments Uninsured motorists Honesty blanket position bond coverage Amount of Coverage $ 100,000.00 500,000.00 500,000.00 566,570.00 3,099,000.00 500,000.00 491,489.00 2,000.00 25/50,000.00 100,000.00 Co-Insurance Percentage 90% 24