366 



iff 



Smithsonian institution 



Report of the Chief FinanciaS Officer 



SMITHSONIAN INSTITUTION 



Notes to Financial Statements 



September 30, 2000 



($ millions) 



(10) Long-term Debt 



The Smithsonian Institution is obligated with respect to the following issues of long-term debt at 

 September 30: 



Interest-free note, Virginia Department of Aviation, due June 2002 $ 3.0 



Bridge loan, variable interest rate, due May 2003 13.6 



District of Columbia issues: 



Series 1997 Revenue Bonds, Serial, principal amounts ranging from 



$.8 to $1.2, interest rates 4.10% to 4.75%, due February 1, 2002 through 2012 10.9 



Series 1997 Revenue Bonds, Term 



Interest rate 5.00%, due February 1, 2017 7.1 



Interest rate 4.75%, due February 1, 2018 1 .6 



Interest rate 5.00%, due February 1, 2028 21.6 



Series 2000 Revenue Bonds, Series A, principal amounts ranging 



from $1.0 to $5.6, interest rates 4.90% to 6.00%, due November 1, 2004 



through 2015 28.5 



Series 2000 Revenue Bonds, Series B 



Variable interest rate, due November 1, 2034 64.8 



Less unamortized bond discount (0.1) 



Total long-term debt $ 151.0 



The individual debt components are described as follows: 



Virginia Department of Aviation 



The Smithsonian received an interest-free loan from the Virginia Department of Aviation in 1995 in 

 the amount of $3.0 for planning, marketing, fund raising and design of the proposed National Air and 

 Space Museum Extension at Washington Dulles International Airport. 



Bridge Loan 



The Smithsonian received a loan from a bank in 2000 in the amount of $100 million to finance the 

 renovation of a facility known as the Victor building. The loan bears interest at a rate per annum equal 

 to the lesser of (a) the maximum rate, as defined in the loan agreement, or (b) the applicable LIBOR 

 rate (6.8% at September 30, 2000). A portion of the proceeds from the Series 2000 Revenue Bonds 

 was used to repay to a substantial portion of the loan. 



