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PENINSULA AIRPORT COMMISSION
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2023
21
Note 8—Long-term obligations (concluded)
3,276,058
$
1,481,449
Total maturities
4,757,507
Less current maturities
(470,658)
Net long-term maturities
4,286,849
$
Years Ending June 30:
Principal
Interest
2024
470,658
$
190,544
$
2025
490,784
170,440
2026
511,757
149,476
2027
533,621
127,614
2028
556,372
104,817
2029 - 2033
2,194,315
173,065
4,757,507
$
915,956
$
Airport Improvement Bonds Series 2005A - In December 2005, the Commission issued
$7,000,000 of Unsecured Tax-Exempt Bonds, at 4.30% interest. Interest only payments
are required until February 2007, at which time, monthly principal and interest payments of
$38,118 are due. The bonds mature in January 2032.
Airport Improvement Bonds Series 2005B - In December 2005, the Commission issued
$3,000,000 of Unsecured Taxable Bonds, at 5.81% interest with monthly principal and
interest payments of $18,982. During 2018, the Commission negotiated an interest rate
reduction to 3.95% for the remainder of the term of the bond, which reduced the monthly
principal and interest payment to $16,982. The bonds mature in January 2032.
Note 9—Defined benefit pension plan
Plan Description – All full-time, salaried permanent employees of the Commission are automatically covered by
the VRS Retirement Plan upon employment. This multi-employer agent plan is administered by the VRS along
with plans for other employer groups in the Commonwealth of Virginia. Members earn one month of service credit
for each month they are employed and for which they and their employer pay contributions to VRS. Members are
eligible to purchase prior service, based on specific criteria as defined in the Code of Virginia, as amended. Eligible
prior service that may be purchased includes prior public service, active military service, certain periods of leave,
and previously refunded service.
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