Debt Administration 

DEBT MANAGEMENT POLICY GUIDELINES 

On October 14, 2004, the Chicago Transit Board approved an ordinance adopting Debt Management Policy Guidelines (the Debt Policy). The Debt Policy serves as a management tool to ensure that the CTA identifies transactions that utilize debt in the most efficient manner, and provides for full and timely repayment of all borrowings. Additionally, the Debt Policy outlines a means of achieving the lowest possible cost of capital within prudent risk parameters, as well as ensuring ongoing access to the capital markets. The Debt Policy applies to all short- and long-term bonds and notes, other long-term lease obligations, and interest rate exchanges. The Debt Policy does not cover commodity hedging, leveraged leases, long-term operating leases, short-term leases and bank obligation transactions. The general debt issuance guidelines outlined in the Debt Policy are summarized below. 

Use of Debt 

It is the CTAs preference to use a pay-as-you-go funding mechanism for all capital projects. As such, CTA explores the use of available cash to fund all or part of a particular capital improvement project and other long-term financial needs before proposing the use of leverage. However, the CTA recognizes that the size, scope and timing of particular projects in its capital improvement plan, cash flow sufficiency and capital market opportunities may necessitate the use of debt. The Debt Policy allows for the issuance of either long-term or short-term debt. The financing purpose determines the type of debt the CTA would use. 

Short-Term Debt Obligations: Short-term debt may be used by the CTA as a cash management tool to provide interim financing or to bridge temporary cash flow deficits within a fiscal year. Currently, the CTA has no outstanding short-term debt obligations. 

Long-Term Debt Obligations: The Debt Policy prohibits the use of long-term debt to fund operations. However, long-term bonds are deemed appropriate to finance essential capital activities and certain management initiatives. The CTA may also use long-term lease obligations to finance or refinance capital equipment. Prior to entering into any lease financing, the Authority will evaluate three factors: the useful life of assets financed, the terms and conditions of the lease, and the budgetary, debt capacity and tax implications. 

Credit Ratings 

The Debt Policy recognizes the need for a credit rating strategy focused on achieving the best economic value for the CTA. A major goal of the CTAs debt program is to attain a proper balance between minimizing borrowing costs and maximizing financial flexibility. As of July 20, 2010, the CTAs underlying ratings on outstanding debt were as follows: 

Sales and Transfer Tax Receipts Revenue Bonds: Aa3 by Moody's; AA by S&P; Not rated by Fitch 
Sales Tax Receipts Revenue Bonds:  Aa3 by Moody's; AA by S&P; Not rated by Fitch 
Building Revenue Bonds (PBC debt): A1 by Moody's; A by S&P; Not rated by Fitch 
Capital Grant Receipts Revenue Bonds: A1 by Moody's; A by S&P; A by Fitch 

Debt Limitations 

Attaining a proper balance between minimizing borrowing and maximizing financial flexibility is a key goal of the CTA debt program. The CTA is not subject to statutory debt limitations for capital investment. However, the Debt Policy does limit the aggregate amount of the CTAs unhedged, long-term variable rate debt to a maximum of 20 percent of all outstanding long-term debt obligations. 

Other Provisions 

The CTA may secure credit enhancement in the form of municipal bond insurance or a letter/line of credit for all or a portion of each bond issue. The Debt Policy also allows the Authority to issue debt on either a taxable or tax-exempt basis and to use interest rate exchange agreements when such agreements will reduce the expected interest rate costs, hedge fluctuations in interest rates, or gain efficiency in structuring and restructuring debt. 

CURRENT DEBT 

Long-term debt includes capital lease obligations and bonds payable, as described below. 

Lease/Leaseback Agreements 

The CTA entered into several economically defeased lease and leaseback agreements in fiscal years 1995 through 2003. These agreements were entered into with various third parties and pertain to certain assets of the CTA, including rail lines and equipment, rail cars, facilities, buses and qualified technology equipment. Under the lease/leaseback financings, the CTA entered into a long-term lease for applicable assets with trusts established by equity investors; trusts which concurrently leased the respective assets back to CTA under sublease agreements. Each sublease contains a fixed date and a fixed price purchase option that allows the CTA, at its 
option, to purchase the assets back from the lessor. As of December 31, 2009, the total obligations due under the lease agreements, which have been economically defeased, were approximately $1.6 billion. 

Other Capital Leases 

2008 Bus Lease 

During 2008, the CTA entered into a lease-purchase agreement to finance the purchase of 150 60 New Flyer articulated hybrid buses and certain related parts and equipment at an estimated aggregate cost of $120.5 million. The terms of the agreement allow the CTA to lease the buses for 12 years and retain ownership at the conclusion of the lease. Lease payments are due every June 1 and December 1 of each year, beginning on December 1, 2008. The present value of the future payments to be made by the CTA under the lease was approximately $112 million as of December 31, 2009. 

Public Building Commission of Chicago 

On March 31, 2003, the Public Building Commission of Chicago (PBC) issued $119 million of Building Revenue Bonds, Series 2003 (Chicago Transit Authority; PBC Bonds). The PBC used the proceeds of these bonds, among other things, to acquire the site for and construct a 12story office building. The PBC leased the building to the CTA for a 20-year term to be used as CTA headquarters. Rent payments due to the PBC from the CTA under the lease are general obligations of the CTA payable from any lawfully-available funds. Upon satisfaction of all of the obligations of the CTA under the lease and payment, or provision for payment, of the PBC Bonds in full, the PBC will transfer title of the leased premises to the CTA. 

On October 26, 2006, the PBC issued Building Refunding Revenue Bonds for the benefit of the CTA in the amount of $91.3 million. The proceeds of the bonds were used to advance refund to the PBC, Series 2003 bonds. The original, executed lease in connection with the Series 2003 bonds was amended accordingly. The CTA is obligated to pay to the Trustee on behalf of the PBC on or before February 15 of each year in which the headquarters lease is in effect, rent which equals the debt service on the PBC bonds due through and including September 1 of that calendar year. The source of funds for PBC lease payments is primarily FTA grant funds. The 
total remaining rent due to the PBC over the life of the amended lease is $148.5 million. 

SCHEDULE I: $91,340,000 Building Revenue Bonds 
(Public Building Commission on behalf of Chicago Transit Authority) 
Series 2006 Lease Payment Schedule 2010-2033 

The numbers listed under each year are for portion of lease payment attributable to interest, portion of lease payment attributable to principal, total lease payment and debt outstanding as of December 31 of each year, respectively. 
2010 $4,233,738 $1,955,000 $6,188,738 $83,340,000 
2011 $4,153,938 $2,035,000 $6,188,938 $81,305,000 
2012 $4,070,938 $2,115,000 $6,185,938 $79,190,000 
2013 $3,984,538 $2,205,000 $6,189,538 $76,985,000 
2014 $3,891,669 $2,295,000 $6,186,669 $74,690,000 
2015 $3,782,775 $2,405,000 $6,187,775 $72,285,000 
2016 $3,659,400 $2,530,000 $6,189,400 $69,755,000 
2017 $3,529,650 $2,660,000 $6,189,650 $67,095,000 
2018 $3,403,969 $2,785,000 $6,188,969 $64,310,000 
2019 $3,271,913 $2,915,000 $6,186,913 $61,395,000 
2020 $3,122,413 $3,065,000 $6,187,413 $58,330,000 
2021 $2,965,163 $3,225,000 $6,190,163 $55,105,000 
2022 $2,799,788 $3,390,000 $6,189,788 $51,715,000 
2023 $2,621,456 $3,565,000 $6,186,456 $48,150,000 
2024 $2,429,175 $3,760,000 $6,189,175 $44,390,000 
2025 $2,226,525 $3,960,000 $6,186,525 $40,430,000 
2026 $2,012,981 $4,175,000 $6,187,981 $36,255,000 
2027 $1,787,888 $4,400,000 $6,187,888 $31,855,000 
2028 $1,550,719 $4,635,000 $6,185,719 $27,220,000 
2029 $1,300,688 $4,890,000 $6,190,688 $22,330,000 
2030 $1,037,138 $5,150,000 $6,187,138 $17,180,000 
2031 $759,413 $5,430,000 $6,189,413 $11,750,000 
2032 $466,725 $5,720,000 $6,186,725 $6,030,000 
2033 $158,288 $6,030,000 $6,188,288 $0 
Total: $63,220,888 $85,295,000 $148,515,888 

Bonds Payable-Capital Grant Receipt Revenue Bonds 

Capital Grant Receipts Revenue Bonds, Series 2004A and 2004B 

On October 20, 2004, the CTA issued Capital Grant Receipts Revenue Bonds, Series 2004A and Series 2004B (Federal Transit Administration Section 5307 Formula Funds; together referred to as the 2004 Bonds). Par value of the 2004 Bonds was $250 million, with $150 million in Series 2004A and $100 million in Series 2004B. The 2004 Bonds are solely secured via Federal Transit Administration 5307 Urbanized Area Formula funds. 

The proceeds of the 2004 Bonds will be used to pay for, or reimburse the CTA for prior expenditures relating to a portion of certain capital improvement projects identified by the CTA (2004 Projects). These capital improvements must be approved by the CTA Board as well as the RTA, and are included in the CTA Capital Plan. The 2004 Projects include infrastructure improvements such as facility rehabilitation, rail station reconstruction, replacing and upgrading track, structure and signal systems, communication infrastructure improvements, and replacing the bus and rail fleets. The 2004 Projects may be substituted from time to time, provided there 
are funds in the 2004 Project Account of the Construction fund. 

The 2004 Bonds bear interest ranging from 3.6 percent to 5.25 percent. Interest is payable semi-annually on June 1 and December 1 and the remaining bonds mature serially on June 1, 2010 through June 1, 2016. 

SCHEDULE II: $250,000,000 Capital Grant Receipts Revenue Bonds 
(Federal Transit Administration 5307 Formula Funds) 
Series 2004A and Series 2004B Total Debt Service 2010-2016 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $8,492,781 $21,295,000 $29,787,781 $153,005,000 
2011 $7,367,856 $22,390,000 $29,757,856 $130,615,000 
2012 $6,173,231 $23,545,000 $29,718,231 $107,070,000 
2013 $4,904,700 $24,780,000 $29,684,700 $82,290,000 
2014 $3,602,494 $26,085,000 $29,687,494 $56,205,000 
2015 $2,231,906 $27,385,000 $29,616,906 $28,820,000 
2016 $756,525 $28,820,000 $29,576,525 $0 
Total: $33,529,493 $174,300,000 $207,829,493 

Capital Grant Receipts Revenue Bonds, Series 2006 

On November 1, 2006, the CTA issued Capital Grant Receipts Revenue Bonds, Series 2006A (Federal Transit Administration Section 5307 Formula Funds) in the amount of $275 million, in anticipation of the receipt of grants from the federal government pursuant to a full-funding grant agreement. The bonds were issued to provide funds to finance or reimburse the CTA for expenditures relating to a portion of the costs of capital improvements to the Transportation System referred to as the 2006 Project. 

The Series 2006 bonds bear interest ranging from four percent to five percent. Interest is payable semi-annually on June 1 and December 1 and the remaining bonds mature serially on June 1, 2010 through June 1, 2021. 

SCHEDULE III: $275,000,000 Capital Grant Receipts Revenue Bonds 
(Federal Transit Administration Section 5307 Formula Funds) 
Series 2006A Total Debt Service 2010-2021 
The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $12,383,013 $8,800,000 $21,183,013 $249,595,000 
2011 $12,023,913 $9,155,000 $21,178,913 $240,440,000 
2012 $11,650,413 $9,520,000 $21,170,413 $230,920,000 
2013 $11,212,513 $9,900,000 $21,112,513 $221,020,000 
2014 $10,705,138 $10,395,000 $21,100,138 $210,625,000 
2015 $10,172,388 $10,915,000 $21,087,388 $199,710,000 
2016 $9,655,881 $11,465,000 $21,120,881 $188,245,000 
2017 $8,560,500 $34,070,000 $42,630,500 $154,175,000 
2018 $6,814,500 $35,770,000 $42,584,500 $118,405,000 
2019 $4,981,250 $37,560,000 $42,541,250 $80,845,000 
2020 $3,056,375 $39,435,000 $42,491,375 $41,410,000 
2021 $1,035,250 $41,410,000 $42,445,250 $0 
Total: $102,251,134 $258,395,000 $360,646,134 

Capital Grant Receipts Revenue Bonds, Series 2008 (5309) and 2008A (5307) 

On April 16, 2008, the CTA issued Capital Grant Receipts Revenue Bonds, Series 2008A (Federal Transit Administration Section 5307 Formula Funds) and Series 2008 (Federal Transit Administration Section 5309 Formula Funds) in the amount of $250 million, in anticipation of the receipt of grants from the federal government pursuant to a full-funding grant agreement. The bonds were issued to provide funds to finance or reimburse the CTA for expenditures relating to a portion of the costs of capital improvements to the Transportation System referred to as the 2008 Project. The Federal Transit Administrations section 5307 program is a formula grant 
program for metropolitan areas providing capital, operating or planning assistance for mass transportation. The section 5309 program is a formula grant program providing capital assistance for the modernization of existing rail systems. 

The Series 2008 (5309) and Series 2008A (5307) bonds bear interest ranging from 3.5 percent to 5.25 percent. Interest is payable semi-annually on June 1 and December 1 and the remaining bonds mature serially on June 1, 2010 through June 1, 2026. 

SCHEDULE IV: $250,000,000 Capital Grant Receipts Revenue Bonds 
(Federal Transit Administration Section 5307 & 5309 Formula Funds) 
Series 2008 Total Debt Service 2010-2026 
The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $12,554,250 $5,990,000 $18,544,250 $244,010,000 
2011 $12,317,688 $6,240,000 $18,557,688 $237,770,000 
2012 $12,063,488 $6,460,000 $18,523,488 $231,310,000 
2013 $11,765,050 $6,750,000 $18,515,050 $224,560,000 
2014 $11,457,206 $7,060,000 $18,517,206 $217,500,000 
2015 $11,137,100 $7,365,000 $18,502,100 $210,135,000 
2016 $10,778,900 $7,700,000 $18,478,900 $202,435,000 
2017 $10,384,275 $8,085,000 $18,469,275 $194,350,000 
2018 $9,969,900 $8,490,000 $18,459,900 $185,860,000 
2019 $9,523,763 $8,910,000 $18,433,763 $176,950,000 
2020 $9,043,650 $9,380,000 $18,423,650 $167,570,000 
2021 $8,538,338 $9,870,000 $18,408,338 $157,700,000 
2022 $7,533,882 $28,395,000 $35,928,882 $129,305,000 
2023 $6,003,900 $29,890,000 $35,893,900 $99,415,000 
2024 $4,393,463 $31,460,000 $35,853,463 $67,955,000 
2025 $2,698,500 $33,110,000 $35,808,500 $34,845,000 
2026 $914,682 $34,845,000 $35,759,682 $0 
Total: $151,078,035 $250,000,000 $401,078,035 

Capital Grant Receipts Revenue Bonds, Series 2008A (5309) 

On November 20, 2008, the CTA issued Capital Grant Receipts Revenue Bonds, Series 2008A (Federal Transit Administration Section 5309 Formula Funds) in the amount of $175 million, in anticipation of the receipt of grants from the federal government pursuant to a full-funding grant agreement. The bonds were issued to provide funds to finance or reimburse the CTA for expenditures relating to a portion of the costs of capital improvements to the Transportation System referred to as the 2008 Project. 

The Series 2008A (5309) bonds bear interest ranging from five percent to six percent. Interest is payable semi-annually on June 1 and December 1 and the remaining bonds mature serially on June 1, 2010 through June 1, 2026. 

SCHEDULE V: $175,000,000 Capital Grant Receipts Revenue Bonds 
(Federal Transit Administration Section 5309 Formula Funds) 
Series 2008A Debt Service 2010-2026 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $9,168,900 $6,705,000 $15,873,900 $168,295,000 
2011 $8,825,275 $7,040,000 $15,865,275 $161,255,000 
2012 $8,464,400 $7,395,000 $15,859,400 $153,860,000 
2013 $8,085,400 $7,765,000 $15,850,400 $146,095,000 
2014 $7,687,525 $8,150,000 $15,837,525 $137,945,000 
2015 $7,269,775 $8,560,000 $15,829,775 $129,385,000 
2016 $6,831,025 $8,990,000 $15,821,025 $120,395,000 
2017 $6,358,475 $9,440,000 $15,798,475 $110,955,000 
2018 $5,837,463 $9,935,000 $15,772,463 $101,020,000 
2019 $5,276,050 $10,480,000 $15,756,050 $90,540,000 
2020 $4,711,475 $11,055,000 $15,766,475 $79,485,000 
2021 $4,144,850 $11,610,000 $15,754,850 $67,875,000 
2022 $3,549,850 $12,190,000 $15,739,850 $55,685,000 
2023 $2,909,100 $12,800,000 $15,709,100 $42,885,000 
2024 $2,169,000 $13,470,000 $15,639,000 $29,415,000 
2025 $1,336,500 $14,280,000 $15,616,500 $15,135,000 
2026 $454,050 $15,135,000 $15,589,050 $0 
Total: $93,079,113 $175,000,000 $268,079,113 

Capital Grant Receipts Revenue Bonds, Refunding Series 2010 (5307) and Refunding Series 2010 (5309) 

On May 6, 2010, the CTA issued Capital Grant Receipts Revenue Bonds, Refunding Series 2010 (Federal Transit Administration Section 5307 Formula Funds) and Refunding Series 2010 (Federal Transit Administration Section 5309 Formula Funds), in the amount of $90.7 million, in anticipation of the receipt of grants from the federal government pursuant to a full-funding grant agreement. The bonds were issued to refund a portion of the outstanding 5307 and 5309 bonds and to pay costs of issuance. 

The Refunding Series 2010 bonds bear interest of 5 percent. Interest is payable semi-annually on June 1 and December 1 and the bonds mature on June 1, 2027 and June 1, 2028. 

SCHEDULE VI: $90,715,000 Capital Grant Receipts Revenue Bonds 
(Federal Transit Administration Section 5307 & 5309 Formula Funds) 
Refunding Series 2010 Total Debt Service 2010-2028 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $2,419,067 $0 $2,419,067 $90,715,000 
2011 $4,535,750 $0 $4,535,750 $90,715,000 
2012 $4,535,750 $0 $4,535,750 $90,715,000 
2013 $4,535,750 $0 $4,535,750 $90,715,000 
2014 $4,535,750 $0 $4,535,750 $90,715,000 
2015 $4,535,750 $0 $4,535,750 $90,715,000 
2016 $4,535,750 $0 $4,535,750 $90,715,000 
2017 $4,535,750 $0 $4,535,750 $90,715,000 
2018 $4,535,750 $0 $4,535,750 $90,715,000 
2019 $4,535,750 $0 $4,535,750 $90,715,000 
2020 $4,535,750 $0 $4,535,750 $90,715,000 
2021 $4,535,750 $0 $4,535,750 $90,715,000 
2022 $4,535,750 $0 $4,535,750 $90,715,000 
2023 $4,535,750 $0 $4,535,750 $90,715,000 
2024 $4,535,750 $0 $4,535,750 $90,715,000 
2025 $4,535,750 $0 $4,535,750 $90,715,000 
2026 $4,535,750 $0 $4,535,750 $90,715,000 
2027 $3,429,375 $44,255,000 $47,684,375 $46,460,000 
2028 $1,161,500 $46,460,000 $47,621,500 $0 
Total: $79,581,942 $90,715,000 $170,296,942 

Bonds Payable-Sales Tax Revenue Bonds 

Sales and Transfer Tax Receipts Revenue Bonds, 2008A Series (Pension Funding) and 2008B Series (Retiree Health Care Funding) 

On July 30, 2008, the CTA issued Sales and Transfer Tax Receipts Revenue Bonds in the amount of $1.94 billion to fund the employee retirement plan and to create a retiree health care trust. The bonds were sold in two tranches: a $1.3 billion Series A to fund the employee retirement plan, and a $640 million Series B to fund a permanent trust that was established to cover other post-employment benefits for retiree health care. The bonds are secured primarily by a pledge of and lien on the Sales Tax Receipts Fund and the Transfer Tax Receipts Fund deposits. The bonds were issued pursuant to the pension and retiree health care reform requirements set forth in Public Acts 94-839 and 95-0708. 

Public Act 94-839 required the CTA to make contributions to its retirement system in an amount which, together with the contributions of its participants, interest earned on investments and other income, was sufficient to bring the total assets of the retirement system up to 90 percent of its total actuarial liabilities by the end of fiscal year 2058. Additionally, Public Act 94-839 required that the Retirement Plans pension and retiree health care programs be separated into two distinct trusts by December 31, 2008. 

Public Act 95-0708 modified this directive slightly and added a number of other requirements. First, a new Retirement Plan Trust will be created to manage the Retirement Plan assets. Second, CTA contributions and employee contributions were increased. Third, in addition to the requirement that the Retirement Plan be 90 percent funded by the end of 2059, there is a new requirement that the Retirement Plan be funded at a minimum of 60 percent by September 15, 2009. Any deviation from the stated projections could result in a directive from the State of Illinois Auditor General to increase the CTA and employee contributions. Fourth, Public Act 95708 authorized the CTA to issue $1.9 billion in pension obligation bonds to fund the pension and retiree health care. Finally, the legislation provides that the CTA will have no future responsibility for retiree healthcare costs after the bond funding. In accordance with Public Act 95-708, all retiree healthcare benefits were to be paid from the newly established Retiree Health Care Trust no earlier than January 1, 2009 but no later than July 1, 2009. 

The Series 2008A and 2008B bonds bear interest ranging from 5.1 percent to 6.9 percent. Scheduled interest on the 2008A and 2008B bonds was funded through June 1, 2009 and June 1, 2010, respectively, with bond proceeds and interest earnings thereon. Interest is payable semi-annually on June 1 and December 1 and the bonds mature serially on December 1, 2012 through June 1, 2040. 

SCHEDULE VII: $1,936,855,000 Sales and Transfer Tax Receipts Revenue Bonds 
(Public Acts 94-839 and 95-0708) 
Series 2008A and 2008B Total Debt Service 2010-2040 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $131,366,832 $0 $131,366,832 $1,936,855,000 
2011 $131,366,832 $0 $131,366,832 $1,936,855,000 
2012 $131,366,832 $10,020,000 $141,386,832 $1,926,835,000 
2013 $130,854,008 $25,720,000 $156,574,008 $1,901,115,000 
2014 $129,537,659 $27,040,000 $156,577,659 $1,874,075,000 
2015 $127,834,139 $28,740,000 $156,574,139 $1,845,335,000 
2016 $126,023,519 $30,550,000 $156,573,519 $1,814,785,000 
2017 $124,098,869 $32,475,000 $156,573,869 $1,782,310,000 
2018 $122,052,944 $34,520,000 $156,572,944 $1,747,790,000 
2019 $119,878,184 $36,695,000 $156,573,184 $1,711,095,000 
2020 $117,566,399 $39,010,000 $156,576,399 $1,672,085,000 
2021 $115,108,769 $41,465,000 $156,573,769 $1,630,620,000 
2022 $112,496,474 $44,080,000 $156,576,474 $1,586,540,000 
2023 $109,455,395 $47,120,000 $156,575,395 $1,539,420,000 
2024 $106,204,586 $50,370,000 $156,574,586 $1,489,050,000 
2025 $102,729,560 $53,845,000 $156,574,560 $1,435,205,000 
2026 $99,014,793 $57,560,000 $156,574,793 $1,377,645,000 
2027 $95,043,729 $61,530,000 $156,573,729 $1,316,115,000 
2028 $90,798,774 $65,775,000 $156,573,774 $1,250,340,000 
2029 $86,260,957 $70,310,000 $156,570,957 $1,180,030,000 
2030 $81,410,270 $75,165,000 $156,575,270 $1,104,865,000 
2031 $76,224,636 $80,350,000 $156,574,636 $1,024,515,000 
2032 $70,681,290 $85,895,000 $156,576,290 $938,620,000 
2033 $64,755,394 $91,820,000 $156,575,394 $846,800,000 
2034 $58,420,732 $98,150,000 $156,570,732 $748,650,000 
2035 $51,649,364 $104,925,000 $156,574,364 $643,725,000 
2036 $44,410,588 $112,165,000 $156,575,588 $531,560,000 
2037 $36,672,324 $119,905,000 $156,577,324 $411,655,000 
2038 $28,400,078 $128,170,000 $156,570,078 $283,485,000 
2039 $19,557,630 $137,015,000 $156,572,630 $146,470,000 
2040 $10,104,965 $146,470,000 $156,574,965 $0 
Total: $2,851,346,522 $1,936,855,000 $4,788,201,522 

Sales Tax Receipts Revenue Bonds, Series 2010A and Taxable Series 2010B 
(Build America Bonds) 

On March 23, 2010, the CTA issued Sales Tax Receipts Revenue Bond Series 2010A and Taxable Series 2010B (Build America Bonds) in the amount of $550 million to fund or reimburse the Authority for prior expenditures of the 2010 Project, capitalize a portion of interest on the bonds, fund a portion of the consolidated debt service reserve fund on the bonds, and to pay costs of issuance on the bonds. The Series 2010B Bonds are issued as bonds designated as Build America Bonds under the provisions of the American Recovery and Reinvestment Act of 2009. The 2010 Project means, collectively, capital improvements to the transportation system 
and specifically the purchase of rail cars, rail car overhaul and rehabilitation, and the replacement and upgrade of rail track and structure. 

The Series 2010A bonds bear interest ranging from four percent to five percent with interest payable semi-annually on June 1 and December 1, commencing December 1, 2010. The Series 2010A bonds mature serially on December 1, 2015 through December 1, 2019. The Taxable Series 2010B bonds bear interest ranging from 5.07 percent to 6.20 percent with interest payable semi-annually on June 1 and December 1, commencing December 1, 2010. The Taxable Series 2010B bonds mature annually each December 1, 2020 through December 1, 2040. 

SCHEDULE VIII: $550,000,000 Sales Tax Receipts Revenue Bonds 
Series 2010A and 2010B Total Debt Service 2010-2040 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $21,526,425 $0 $21,526,425 $550,000,000
2011 $32,976,651 $0 $$32,976,651 $550,000,000
2012 $32,976,651 $0 $$32,976,651 $550,000,000
2013 $32,976,651 $0 $$32,976,651 $550,000,000
2014 $32,976,651 $0 $$32,976,651 $550,000,000
2015 $$32,976,651 $5,715,000 $38691,651 $544,285,000
2016 $32,702,701 $7,675,000 $40,377,701 $536,610,000
2017 $32,318,951 $9,925,000 $42,243,951 $526,685,000
2018 $31,832,201 $10,415,000 $42,247,201 $516,270,000
2019 $31,333,751 $10,915,000 $42,248,751 $505,355,000
2020 $30,798,001 $11,510,000 $42,308,001 $493,845,000
2021 $30,214,444 $12,095,000 $42,309,444 $481,750,000
2022 $29,583,085 $12,720,000 $42,303,085 $469,030,000 
2023 $28,900,021 $13,405,000 $42,305,021 $455,625,000
2024 $28,166,767 $14,135,000 $42,301,767 $441,490,000
2025 $27,372,380 $14,930,000 $42,302,380 $426,560,000
2026 $26,446,720 $15,855,000 $42,301,720 $410,705,000
2027 $25,463,710 $16,835,000 $42,298,710 $393,870,000 
2028 $24,419,940 $17,880,000 $42,299,940 $375,990,000
2029 $23,311,380 $18,985,000 $42,296,380 $357,005,000
2030 $22,134,310 $20,155,000 $42,289,310 $336,850,000
2031 $20,884,700 $21,400,000 $42,384,700 $315,450,000
2032 $19,557,900 $22,725,000 $42,282,900 $292,725,000
2033 $18,148,950 $24,135,000 $42,283,950 $268,590,000
2034 $16,652,580 $31,820,000 $48,472,580 $236,770,000
2035 $14,679,740 $33,785,000 $48,464,740 $202,985,000
2036 $12,585,070 $35,875,000 $48,460,070 $167,110,000
2037 $10,360,820 $38,090,000 $48,450,820 $129,020,000
2038 $7,999,240 $40,455,000 $48,454,240 $88,565,000
2039 $5,491,030 $42,955,000 $48,446,030 $45,610,000
2040 $2,827,820 $45,610,000 $48,437,820 $0 
Total: $740,595,885 $550,000,000 $1,290,595,885

Summary of Total Bond Debt Service for all Outstanding Bonds 

Schedule IX: CTA TOTAL DEBT SCHEDULE 2010  2040 

The numbers listed under each year are for interest payment, principal payment, total debt service and debt outstanding as of December 31 of each year, respectively. 
2010 $197,911,267 $42,790,000 $240,701,267 $3,392,475,000 
2011 $209,413,965 $44,825,000 $254,238,965 $3,347,650,000 
2012 $207,230,765 $56,940,000 $264,170,765 $3,290,710,000 
2013 $204,334,072 $74,915,000 $279,249,072 $3,215,795,000 
2014 $200,502,422 $78,730,000 $279,232,422 $3,137,065,000 
2015 $196,157,708 $88,680,000 $284,837,708 $3,048,385,000 
2016 $191,284,300 $95,200,000 $286,484,300 $2,953,185,000 
2017 $186,256,819 $93,995,000 $280,251,819 $2,859,190,000 
2018 $181,042,757 $99,130,000 $280,172,757 $2,760,060,000 
2019 $175,528,747 $104,560,000 $280,088,747 $2,655,500,000 
2020 $169,711,649 $110,390,000 $280,101,649 $2,545,110,000 
2021 $163,577,400 $116,450,000 $280,027,400 $2,428,660,000 
2022 $157,699,040 $97,385,000 $255,084,040 $2,331,275,000 
2023 $151,804,165 $103,215,000 $255,019,165 $2,228,060,000 
2024 $145,469,566 $109,435,000 $254,904,566 $2,118,625,000 
2025 $138,672,690 $116,165,000 $254,837,690 $2,002,460,000 
2026 $131,365,995 $123,395,000 $254,760,995 $1,879,065,000 
2027 $123,936,814 $122,620,000 $246,556,814 $1,756,445,000 
2028 $116,380,214 $130,115,000 $246,495,214 $1,626,330,000 
2029 $109,572,337 $89,295,000 $198,867,337 $1,537,035,000 
2030 $103,544,580 $95,320,000 $198,864,580 $1,441,715,000 
2031 $97,109,336 $101,750,000 $198,859,336 $1,339,965,000 
2032 $90,239,190 $108,620,000 $198,859,190 $1,231,345,000 
2033 $82,904,344 $115,955,000 $198,859,344 $1,115,390,000 
2034 $75,073,312 $129,970,000 $205,043,312 $985,420,000 
2035 $66,329,104 $138,710,000 $205,039,104 $846,710,000 
2036 $56,995,658 $148,040,000 $205,035,658 $698,670,000 
2037 $47,033,144 $157,995,000 $205,028,144 $540,675,000 
2038 $36,399,318 $168,625,000 $205,024,318 $372,050,000 
2039 $25,048,660 $179,970,000 $205,018,660 $192,080,000 
2040 $12,932,785 $192,080,000 $205,012,785 $0 
Total $4,051,462,124 $3,435,265,000 7,486,727,124 