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Kentucky International Convention Center Bond Debt Service

Kentucky International Convention Center Bond Debt Service. PRESENTED BY: GARRY D. CRONIN August 2008. ESTIMATED 07/08 BED TAX COLLECTIONS: $5,300,671 (2%). FIXED RATE SERIES: 2004A BONDS (Maturity Date: 12/2028) Original Balance (1/04): $39,000,000

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Kentucky International Convention Center Bond Debt Service

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  1. Kentucky International Convention Center Bond Debt Service PRESENTED BY: GARRY D. CRONIN August 2008

  2. ESTIMATED 07/08 BED TAX COLLECTIONS: $5,300,671 (2%) • FIXED RATE SERIES: 2004A BONDS (Maturity Date: 12/2028) • Original Balance (1/04): $39,000,000 • Outstanding Balance (3/08): $32,565,000 • 08/09 Interest Rate: 2.5% • Scheduled Annual Principal Payment: $1,655,000 (Dec 2008) • Scheduled Semi-Annual Interest Payments: $728,808 (Dec 2008) • $708,120 (June 2009) • VARIABLE RATE SERIES: 2004B BONDS (Maturity Date: 12/2022) • Original Balance (1/04): $15,175,000 • Outstanding Balance (3/08): $11,875,000 • Interest Rate: Set by weekly bond rate Variable (approx 3.0%) • Scheduled Monthly Interest Payments: Kentucky International Convention CenterBond Debt Service: 2008-2009

  3. Remaining Principal balance (03/08) $32,565,000 Principal paid off $6,435,000 2004A Fixed Rate Series Bond Issue: $39,000,000 Date of Issue: January 2004 Interest Rate (08/09): 2.5% Interest payments: $728,808 (Dec08) $708,120 (Jun09) Principal payment:$1,655,000 (Dec08) Scheduled payoff: December 2028

  4. Remaining Principal balance (03/08) $11,875,000 Principal paid off $3,300,000 2004B Variable Rate Series Bond Issue: $15,175,000 Date of Issue: January 2004 Interest Rate (08/09): Variable (priced weekly and tied to BMA index which tracks municipal bond markets) Interest payments: Monthly Principal pmt (08/09): None scheduled Scheduled payoff: June 2022 Swap Agreement: Fixes interest rate at 4.34% for $7,000,000 of the debt. Was done because: - Cash flows were unpredictable. - Variable rate bonds can be called at any time whereas fixed rate bonds are called on a schedule. - Minimize exposure to variable rate fluctuation

  5. ESTIMATED 07/08 BED TAX COLLECTIONS:$5,300,671 (2%) Estimated interest income: $ 180,000 GROSS REVENUE:$5,480,671 • FIXED RATE SERIES: 2004A BONDS FIXED RATE BONDS • Scheduled Annual Principal Payment: $1,655,000 (Dec 2008) • Scheduled Semi-Annual Interest Payments: $ 728,808 (Dec 2008) • $ 708,120 (June 2009) • Required Debt Service$3,091,928 • VARIABLE RATE SERIES: 2004B BONDS • Monthly Interest Payments • Fixed rate (4.34%) on $7.000MM $ 303,800 • Variable rate (3.5% avg. est.) on $4.875MM $ 146,250 • Required Debt Service $ 450,050 MISCELLANEOUS FEES (liquidity, remarketing, etc) $ 150,000 TOTAL DEBT SERVICE REQUIREMENTS $3,691,978 PROJECTED SURPLUS$1,608,693 Kentucky International Convention CenterBond Debt Service: 2008-2009

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