The question posed in the title of this post requires answering another question first: what does “work” mean?
For the purposes of this post, I’ll use the following criteria to define a successful result:
· STAR bonds principal and interest paid on time and in full.
· Base Year Revenue calculated for the 12 months preceding creation of the district, not set at some artificially low number that cannibalizes existing sales tax revenue.
· Kansas, Wyandotte County, Johnson County, KCK, Shawnee, Lenexa and Olathe see some benefit from the increased economic activity in the form of tax collections.
So no, it’s not just “we took your team, losers.” But if that’s how you view this, then you probably aren’t reading this anyway.
First, what does repayment really look like?
In Part II, I used some basic calculations to get an idea of the real cost of this project to the State of Kansas and the Locals.* My conclusion using that calculation was that the stadium and QAD would have to drive $1.51 billion in new sales within the bond district to create enough tax revenue for debt service on the stadium bonds in the first year.
*If you haven’t read Parts I and II, I highly recommend doing so, and not just because I wrote them. I’m using “the Locals” to refer to the relevant areas of Wyandotte and Johnson counties and the cities of Kansas City, Kan. (KCK), Shawnee, Lenexa and Olathe, which are all included in the proposed bond district released by the state.
But that’s overly simplistic. I created a more sophisticated model in Excel to account for both the stadium and Q.A.D. bonds and a more realistic bond issuance schedule. I’ll share my work at the end of the post in case you want to dig in, but we’ll keep the summary and analysis up front.
Here are my assumptions for the bond issuances:
Stadium Bonds (total $1.8 billion)
· Three tranches of $600 million each, issued June 2026, June 2027, and June 2028
· Interest Rate: 4.5%
· Other Notes: Interest capitalized until 2031, annual payments start June 2032
QAD Bonds (total $625 million)
· Two tranches of $300 million and $325 million, issued June 2030 and June 2035
· Interest Rate: 4.5%
· Other Notes: Annual repayment begins immediately, no interest capitalization
From what I’ve read, it seems that most STAR bond projects include multiple bond issuances. The term sheet provides that Kansas can issue the bonds as it sees fit, in increments of not less than $100 million.
Attempting to Model Realistic Revenue Numbers
Reasonable minds can disagree on what I’ve put together below. But I’ve estimated realistic numbers and assumptions regarding sales and revenue and tried to make reasonably optimistic projections from them. Here are the revenue sources driving increased sales tax revenue in the bond district:
· Sales for Chiefs home games
· Sales for other major events (e.g., arena concerts)
· Personal Seat Licenses (PSLs)
· Other general growth in the bond district
· Occasional special events (Super Bowls, Final Fours, NCAA Basketball Regionals, FIFA Women’s World Cup)
Note that I’m also assuming 2% growth year-over-year for each annual category below. For example, the total sales tax for Chiefs home games starts at $36.91 million per year and grows 2% each year afterward.
Sales for Chiefs home games
My assumptions about per-game revenue are below. I’m assuming 10 homes games per season as an average.
· Non-ticket spending per game: $150 per person x 65,000 attendees
· Ticket spending per game: $450 average ticket cost x 65,000 tickets sold
· Parking: 19,000 cars at $75 per car
· Total Annual Revenue: $404.25 million
· State Sales Tax: $26.28 million
· Local Sales Tax: $10.63 million
· Total Sales Tax Per Year: $36.91 million
Sales for Other Major Events
I’m going to be somewhat lazy here and assume that the revenue for other major events is the same as Chiefs games. To make it even lazier, I’ll assume that there are 10 of these events each year. I checked the concert calendar (via Setlist.fm) for US Bank Stadium in Minneapolis and Mercedes-Benz Stadium in Atlanta. Minneapolis had six major concerts in 2025, while Atlanta had 15. Kansas City is a smaller market than either city, but again I’ll be optimistic and assume they would get 10 of these shows each year.
· Total Annual Revenue: $404.25 million
· State Sales Tax: $26.28 million
· Local Sales Tax: $10.63 million
· Total Sales Tax: $36.91 million
Personal Seat Licenses (PSLs)
Unlike other items, this is a one-time sales event, not a recurring event.
For the uninitiated, and lucky you, PSLs are all the rage in professional sports. They are a fee that the team charges you so that you have the right of first refusal for tickets in certain seats for most events at the venue. The cost of the actual tickets to the event is separate and additional to the PSL.
Why do this? It helps the franchise owner raise money during the construction phase of the stadium. Clark Hunt can sell PSLs before 2031 and raise money to fund his portion of the $3 billion stadium costs.
My assumptions here are loosely based on the Buffalo Bills PSL numbers for their new stadium. They sold PSLs for about 92% of their stadium, as low as $750 per seat for upper-level seats, and as high as $50,000 for premium seats. Using the presumed capacity of 65,000 for the new Chiefs stadium, here are my numbers:
· 5,000 Suite Seats x $50,000 per seat = $250,000,000
· 10,000 Club Seats x $25,000 per seat = $250,000,000 (this was a coincidence, I swear)
· 28,000 Lower Bowl Seats x $7,500 per seat = $210,000,000
· 16,000 Upper Bowl Seats x $1,000 per seat = $16,000,000
· Total PSL Sales: $726 million
I couldn’t find any definitive authority on whether PSLs would be subject to sales tax in Kansas. In some states, they are not because they are an intangible property right. For this estimate, I’m assuming that they are subject to sales tax. Kansas levies sales tax on tickets to athletic events, and, quite frankly, they need all the revenue they can get.
Here are the sales tax totals for these PSL estimates:
· State Sales Tax: $47.19 million
· Local Sales Tax: $19.09 million
· Total Sales Tax: $66.28 million
Other General Growth
This is a catch-all category to ensure that we capture other economic growth in the bond district*, not just what’s directly associated with the stadium and events there. Remember, that counts, too, whether or not it’s not directly driven by the Chiefs. It’s based on the numbers from Part I for sales tax in the relevant areas of Wyandotte and Johnson counties.
*This includes both Chiefs-related and unrelated economic growth, to be clear. I don’t think that this is too low because a) 2% growth is pretty good, and b) new spending will, to some extent, take the place of existing spending. For example, if part of the QAD includes new restaurants and bars, all of their sales do not represent new sales, but are at least partially a diversion of sales that would’ve occurred at other, existing establishments.
For this, we’ll assume that sales tax revenue in the bond district grows by 2% per year over the life of this project. This is probably, ahem, optimistic**, but again, the goal with these projections is to make reasonable assumptions in favor of the state to see if there’s a chance that this project is successful.
**Sales tax was down year-over-year in both Wyandotte (-2.2%) and Johnson (-4.0%) counties in 2024.
See the documentation at the end for a year-by-year summary of additional sales tax revenue available for debt service on the bonds.
Occasional Special Events
Hosting the Super Bowl and Final Four and other special events is one of the biggest sales pitches for the new stadium. For revenue purposes, we’ll assume that the new stadium lands one of the following events every five years over the course of the 30-year life of the initial lease: Super Bowl, NCAA Men’s Final Four, NCAA Basketball Regional, NCAA Basketball Opening Rounds, FIFA Women’s World Cup and NCAA Women’s Final Four.
Wouldn’t you know it, the 2031 Women’s World Cup will be partially hosted in the United States. And Arrowhead Stadium is a proposed host site for the event. Given that the Women’s World Cup is usually played in the summer, the new stadium should be ready unless they are really cutting things close or run into significant construction delays. We’ll assume that KC will be a host site, that the Chiefs and Kansas decide that the grand opening for their new stadium should be on the world stage, and that FIFA agrees to the use of a stadium that’s being built. Even if they’re skeptical a little palm grease usually does the trick with FIFA.
For these events, I used the following multipliers for the sales tax projections from above for a single Chiefs game, with sales tax totals included:
· Super Bowl: 10x (equivalent to revenue for an entire Chiefs season of home games)
· Final Four: 5x
· FIFA Women’s World Cup: 5x
· NCAA Basketball Regional: 4x
· NCAA Women’s Final Four: 4x
· NCAA Basketball Opening Rounds: 3x
See the table below for a yearly incorporation of these numbers into the totals and projections.
Analysis and Closing Thoughts
Looking at the chart projections, it’s possible that things start out reasonably well. If the sales tax base grows naturally and they do well with PSL sales, then they could pay the debt service in the first year after the stadium opens, and then some.
But the PSLs are a one-time boost and then reality sets in. The debt service on more than $2.4 billion in bonds is monstrous once it starts to hit from 2035 and beyond. The boost from special events every five years helps, and by 2043 they get to the point where they’re consistently paying off some principal each year. But ultimately, there is nearly $1.7 billion in unpaid principal remaining as of 2064.
Let’s return to our success criteria from the beginning:
Are the bonds paid off on time and in full? No. Within the horizon of the last QAD bond issuance, only the first tranche of stadium bonds is paid off, and several years beyond its 30-year maturity period. By the time the initial stadium lease period ends in 2061, the bonds are still decades from being paid off.
Is Base Year Revenue calculated based on the 12 months before the bond district is created? Unknown. Based on these calculations, they will need to set it lower. More on that in a bit.
Do Kansas and the Locals see some benefit from the increased economic activity in the form of increased tax collections? No. Under these assumptions, debt service would continue for decades, meaning that sales tax in these jurisdictions would be capped at 2025 levels for more than 30 years.
Of course, it’s possible that I’m wrong. I could be pessimistic or incomplete in my revenue projections. I did a separate analysis where I projected that the sales tax revenue I calculated was 50% higher each year. Under those assumptions, all debt service is paid off by 2056. I’ve already spent a ton of time on these projections, so I’m not going to find the exact percentage my numbers need to increase by to make this work. Safe to say, it has to be significantly more than what I’ve projected.
And I don’t think that this is likely, for the following reasons:
· My revenue numbers per Chiefs game seems to fit with the figures I was able to find on the web. In some instances, I leaned in the direction of increasing the totals more than seemed likely. And all of these totals are calculated to rise 2% each year, an attempt to account for inflation.
· The projections assume that the Chiefs sell out, both tickets sold and actual attendance, every home game at these price levels for more than 30 years. At some point, they are likely to regress toward the NFL mean and fan interest, not to mention spending, will decrease.
· I don’t account for the possibility of a recession or or other major economic issue that generally depresses spending. That’s also unlikely over 30 years.
· It’s very likely that they will get the Super Bowl and probably a Final Four with this new venue. The rest of the major events are speculative. Given the tax boost that they provide, Kansas should do everything that they can to promote the benefits of the facility and get as many of these events as possible.
· I also think that I’m being optimistically low with my 4.5% interest rate on the bonds. If it’s higher, then it just gets more difficult for the state to make this work.
· And finally, I’m skeptical that games and events drive a significant spending increase in the QAD by themselves. It seems more likely that nearby establishments will see decreased traffic from the general public on game days, so some percentage of the sales from game traffic is just making up for people avoiding the rush. And while the area around the new stadium is significantly more developed with attractions than the Truman Sports Complex, I don’t think that most people are coming to Chiefs games to go have dinner before or after at Yard House. Some will, but I think most folks are getting in, tailgating, and going home.
What does all of this mean?
Now that we have the framework and the numbers, let’s run through some scenarios and maybe make a prediction or two.
The first scenario is the most obvious: the bonds don’t sell. The market for the bonds is sophisticated, institutional investors. They may run their own projections and conclude that they aren’t interested unless they get a ruinous 9% interest rate.
But Kansas has already announced this project and they can’t afford (politically) to have it fall through. I suspect that if there are issues selling the bonds, then they will use the mechanism to set Base Year Revenue lower. Remember, total state sales tax collections from the relevant districts in 2024 were $561.52 million. Giving themselves an extra $50-100 million in runway would give investors a lot more comfort. Sure, it cannibalizes existing tax revenue and, therefore, services to transfer wealth to billionaires, but I doubt that will stop them.
In addition to setting Base Year Revenue lower, the state really needs the Locals to opt in. I’d be surprised if Topeka hasn’t secured a handshake agreement on this issue already, and public pressure on the Locals will be substantial. But the Locals, especially Wyandotte County and KCK, will incur substantial infrastructure costs to support the stadium. Building new roads and sewer lines for a new stadium is a hard sell to your constituents when you’re cutting services because you pledged 15% of your existing sales tax revenue to the Chiefs.
But let’s move beyond that and assume that everyone gets on board, they give themselves a bit of runway with a lower Base Year Revenue number, and the bonds sell. What if they get into the 2040s and the numbers look like they do in my projections?
Reiterating that Kansas really can’t afford to let this project publicly fail, there are two options here. Assuming that the bonds are issued without the state’s credit rating and full faith and credit backing them, which is usually the case for STAR bonds, then the investors have no legal recourse against the state or the Locals. The state and the Locals could just leave them holding the bag and say, well, sorry but you knew this was a speculative investment.
If it were “only” a measly few hundred million dollars at stake, then the investors might just eat the loss and move on. But for more than a billion dollars, you can almost guarantee there will be litigation.
The other option is trying to stave off a default with increased sales taxes, or further cannibalizing existing sales tax revenue, or … something. The options for desperate politicians are endless. It would violate their “no new taxes” promise, but problems for future politicians are no reason for today’s politicians to give up their suite in the new stadium.
Here’s my prediction: one way or another, the bonds will get sold and the stadium will get built. The state and the Locals will have to cut services, maybe by a lot, and get creative to make it look like the project isn’t really failing by any reasonable standard. A lot of people in the bond district won’t be happy about what it means for them as potholes go unfixed and snow goes unplowed. Maybe people in the rest of the state aren’t happy if their services get cut. But unless there is a major blowup with state finances or litigation, there will be enough headlines about development and special events and the shiny new stadium that most people will make their peace with it and get on with their lives.
Supporting Tables
Chiefs Home Game Projections
Chiefs Home Games (Yearly) |
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| Tax Calculations |
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10 games/year (average) |
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Fan spending per game (non-tickets): | $150 per person x 65,000 attendees | $ 9,750,000.00 |
| State | $ 26,276,250.00 |
Fan spending per game (tickets): | $450 average ticket cost x 65,000 attendees | $ 29,250,000.00 |
| Wyandotte | $ 4,042,500.00 |
Parking: | 19000 vehicles per game x $75/vehicle | $ 1,425,000.00 |
| KCK | $ 6,589,275.00 |
Total Sales: |
| $ 404,250,000.00 |
| Total: | $ 36,908,025.00 |
Major Event Projections
Sales for Other Major Events (i.e. Arena Concerts) (Yearly) |
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10 concerts/year (average) |
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Fan spending per concert (non-tickets): | $150 per person x 65,000 attendees | $ 9,750,000.00 |
| State | $ 26,276,250.00 |
Fan spending per concert (tickets): | $450 average ticket cost x 65,000 attendees | $ 29,250,000.00 |
| Wyandotte | $ 4,042,500.00 |
Parking: | 19000 vehicles per game x $75/vehicle | $ 1,425,000.00 |
| KCK | $ 6,589,275.00 |
Total Sales: |
| $ 404,250,000.00 |
| Total: | $ 36,908,025.00 |
Personal Seat Licenses (PSLs)
Personal Seat Licenses (Single Event) |
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One-time sales event, likely sometime in 2029/2030 |
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Suites: | 5000 seats at average cost of $50,000/seat | $ 250,000,000.00 |
| State | $ 47,190,000.00 |
Club: | 10000 seats at average cost of $25,000/seat | $ 250,000,000.00 |
| Wyandotte | $ 7,260,000.00 |
Lower Bowl: | 28,000 seats at average cost of $7500/seat | $ 210,000,000.00 |
| KCK | $ 11,833,800.00 |
Upper Bowl | 16,000 seats at average cost of $1000/seat | $ 16,000,000.00 |
| Total: | $ 66,283,800.00 |
Total Sales: |
| $ 726,000,000.00 |
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Other General Growth
Generalized Growth |
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Catch-all category for all sales tax growth in bond district |
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Assumption is 2% growth each year | Year | ST Revenue (State) | Increase |
| ST Revenue (Locals) | Increase | Total Increase |
| 0 | $ 561,520,000 |
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| $ 247,620,000 |
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| 2025 | $ 572,750,400 | $ 11,230,400 |
| $ 252,572,400 | $ 4,952,400 | $ 16,182,800 |
| 2026 | $ 584,205,408 | $ 11,455,008 |
| $ 257,623,848 | $ 5,051,448 | $ 16,506,456 |
| 2027 | $ 595,889,516 | $ 11,684,108 |
| $ 262,776,325 | $ 5,152,477 | $ 16,836,585 |
| 2028 | $ 607,807,306 | $ 11,917,790 |
| $ 268,031,851 | $ 5,255,526 | $ 17,173,317 |
| 2029 | $ 619,963,453 | $ 12,156,146 |
| $ 273,392,488 | $ 5,360,637 | $ 17,516,783 |
| 2030 | $ 632,362,722 | $ 12,399,269 |
| $ 278,860,338 | $ 5,467,850 | $ 17,867,119 |
| 2031 | $ 645,009,976 | $ 12,647,254 |
| $ 284,437,545 | $ 5,577,207 | $ 18,224,461 |
| 2032 | $ 657,910,176 | $ 12,900,200 |
| $ 290,126,296 | $ 5,688,751 | $ 18,588,950 |
| 2033 | $ 671,068,379 | $ 13,158,204 |
| $ 295,928,822 | $ 5,802,526 | $ 18,960,729 |
| 2034 | $ 684,489,747 | $ 13,421,368 |
| $ 301,847,398 | $ 5,918,576 | $ 19,339,944 |
| 2035 | $ 698,179,542 | $ 13,689,795 |
| $ 307,884,346 | $ 6,036,948 | $ 19,726,743 |
| 2036 | $ 712,143,132 | $ 13,963,591 |
| $ 314,042,033 | $ 6,157,687 | $ 20,121,278 |
| 2037 | $ 726,385,995 | $ 14,242,863 |
| $ 320,322,874 | $ 6,280,841 | $ 20,523,703 |
| 2038 | $ 740,913,715 | $ 14,527,720 |
| $ 326,729,331 | $ 6,406,457 | $ 20,934,177 |
| 2039 | $ 755,731,989 | $ 14,818,274 |
| $ 333,263,918 | $ 6,534,587 | $ 21,352,861 |
| 2040 | $ 770,846,629 | $ 15,114,640 |
| $ 339,929,196 | $ 6,665,278 | $ 21,779,918 |
| 2041 | $ 786,263,562 | $ 15,416,933 |
| $ 346,727,780 | $ 6,798,584 | $ 22,215,517 |
| 2042 | $ 801,988,833 | $ 15,725,271 |
| $ 353,662,336 | $ 6,934,556 | $ 22,659,827 |
| 2043 | $ 818,028,610 | $ 16,039,777 |
| $ 360,735,583 | $ 7,073,247 | $ 23,113,023 |
| 2044 | $ 834,389,182 | $ 16,360,572 |
| $ 367,950,294 | $ 7,214,712 | $ 23,575,284 |
| 2045 | $ 851,076,965 | $ 16,687,784 |
| $ 375,309,300 | $ 7,359,006 | $ 24,046,790 |
| 2046 | $ 868,098,505 | $ 17,021,539 |
| $ 382,815,486 | $ 7,506,186 | $ 24,527,725 |
| 2047 | $ 885,460,475 | $ 17,361,970 |
| $ 390,471,796 | $ 7,656,310 | $ 25,018,280 |
| 2048 | $ 903,169,684 | $ 17,709,209 |
| $ 398,281,232 | $ 7,809,436 | $ 25,518,645 |
| 2049 | $ 921,233,078 | $ 18,063,394 |
| $ 406,246,856 | $ 7,965,625 | $ 26,029,018 |
| 2050 | $ 939,657,740 | $ 18,424,662 |
| $ 414,371,793 | $ 8,124,937 | $ 26,549,599 |
| 2051 | $ 958,450,894 | $ 18,793,155 |
| $ 422,659,229 | $ 8,287,436 | $ 27,080,591 |
| 2052 | $ 977,619,912 | $ 19,169,018 |
| $ 431,112,414 | $ 8,453,185 | $ 27,622,202 |
| 2053 | $ 997,172,310 | $ 19,552,398 |
| $ 439,734,662 | $ 8,622,248 | $ 28,174,647 |
| 2054 | $ 1,017,115,757 | $ 19,943,446 |
| $ 448,529,355 | $ 8,794,693 | $ 28,738,139 |
| 2055 | $ 1,037,458,072 | $ 20,342,315 |
| $ 457,499,943 | $ 8,970,587 | $ 29,312,902 |
| 2056 | $ 1,058,207,233 | $ 20,749,161 |
| $ 466,649,941 | $ 9,149,999 | $ 29,899,160 |
| 2057 | $ 1,079,371,378 | $ 21,164,145 |
| $ 475,982,940 | $ 9,332,999 | $ 30,497,143 |
| 2058 | $ 1,100,958,806 | $ 21,587,428 |
| $ 485,502,599 | $ 9,519,659 | $ 31,107,086 |
| 2059 | $ 1,122,977,982 | $ 22,019,176 |
| $ 495,212,651 | $ 9,710,052 | $ 31,729,228 |
| 2060 | $ 1,145,437,541 | $ 22,459,560 |
| $ 505,116,904 | $ 9,904,253 | $ 32,363,813 |
| 2061 | $ 1,168,346,292 | $ 22,908,751 |
| $ 515,219,242 | $ 10,102,338 | $ 33,011,089 |
| 2062 | $ 1,191,713,218 | $ 23,366,926 |
| $ 525,523,627 | $ 10,304,385 | $ 33,671,311 |
| 2063 | $ 1,215,547,482 | $ 23,834,264 |
| $ 536,034,100 | $ 10,510,473 | $ 34,344,737 |
| 2064 | $ 1,239,858,432 | $ 24,310,950 |
| $ 546,754,782 | $ 10,720,682 | $ 35,031,632 |
Special Events
Occasional Special Events |
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Super Bowl, Final 4, NCAA Regional, NCAA 1st/2nd Round, FIFA WWC, NCAA Women's Final 4 | Year | Event | Revenue |
| State Sales Tax | WY Sales Tax | KCK Sales Tax | Total |
Assumption: 1 special event every 5 years | 2031 | FIFA WWC | $ 202,125,000.00 |
| $ 13,138,125.000 | $ 2,021,250.00 | $ 3,294,637.5000 | $ 18,454,012.500 |
Estimating sales tax revenue based on multiples of Chiefs home games | 2036 | Super Bowl | $ 404,250,000.00 |
| $ 26,276,250.000 | $ 4,042,500.00 | $ 6,589,275.0000 | $ 36,908,025.000 |
Super Bowl (10x Chiefs home game, equals one full season) | 2041 | NCAA Final Four | $ 202,125,000.00 |
| $ 13,138,125.000 | $ 2,021,250.00 | $ 3,294,637.5000 | $ 18,454,012.500 |
Final Four (5x Chiefs home game, equals half of one season) | 2046 | NCAA Regional | $ 161,700,000.00 |
| $ 10,510,500.000 | $ 1,617,000.00 | $ 2,635,710.0000 | $ 14,763,210.000 |
FIFA Women's World Cup (same as Final Four) | 2051 | NCAA 1st/2nd | $ 121,275,000.00 |
| $ 7,882,875.000 | $ 1,212,750.00 | $ 1,976,782.5000 | $ 11,072,407.500 |
NCAA Regional (4x Chiefs home game) | 2056 | NCAAW Final 4 | $ 161,700,000.00 |
| $ 10,510,500.000 | $ 1,617,000.00 | $ 2,635,710.0000 | $ 14,763,210.000 |
NCAA Opening Rounds (3x Chiefs home game) |
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NCAA Women's Final Four (4x Chiefs home game) |
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Repayment Projections
Year | St. Tranche 1 Principal | St. Tranche 2 Principal | St. Tranche 3 Principal | QAD Tranche 1 Principal | QAD Tranche 2 Principal | Total Principal (w/ Cap. Interest) | Principal Payments Due | Total Interest | Total Debt Service | Unpaid Interest | Yearly Sales Tax Revenue | Total Revenue for Debt Service |
2027 | $ 627,000,000.00 |
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| $ 627,000,000.00 |
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| $ 16,836,585.12 |
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2028 | $ 655,215,000.00 | $ 627,000,000.00 |
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| $ 1,282,215,000.00 |
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| $ 17,173,316.82 |
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2029 | $ 684,699,675.00 | $ 655,215,000.00 | $ 627,000,000.00 |
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| $ 1,966,914,675.00 |
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| $ 17,516,783.16 |
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2030 | $ 715,511,160.38 | $ 684,699,675.00 | $ 655,215,000.00 | $ 300,000,000.00 |
| $ 2,355,425,835.38 |
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| $ 17,867,118.82 |
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2031 | $ 747,709,162.59 | $ 715,511,160.38 | $ 684,699,675.00 | $ 290,000,000.00 |
| $ 2,437,919,997.97 | $ 10,000,000.00 | $ 13,500,000.00 | $ 23,500,000.00 |
| $ 176,778,323.70 | $ 69,393,803.92 |
2032 | $ 716,554,614.59 | $ 684,356,612.38 | $ 653,545,127.00 | $ 280,000,000.00 |
| $ 2,334,456,353.97 | $ 103,463,644.00 | $ 109,706,399.91 | $ 213,170,043.91 |
| $ 93,881,321.42 | $ 222,672,127.62 |
2033 | $ 685,400,066.59 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 |
| $ 2,230,992,709.97 | $ 103,463,644.00 | $ 105,050,535.93 | $ 208,514,179.93 | $ 1,667,130.79 | $ 95,758,947.85 | $ 103,383,405.14 |
2034 | $ 685,400,066.59 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 |
| $ 2,232,659,840.76 | $ 103,463,644.00 | $ 100,394,671.95 | $ 203,858,315.95 | $ 2,720,545.14 | $ 97,674,126.81 | $ 97,674,126.81 |
2035 | $ 685,400,066.59 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,560,380,385.90 | $ 114,296,977.00 | $ 100,469,692.83 | $ 214,766,669.83 | $ 842,083.49 | $ 99,627,609.34 | $ 99,627,609.34 |
2036 | $ 685,400,066.59 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,561,222,469.39 | $ 114,296,977.00 | $ 115,217,117.37 | $ 229,514,094.37 | $ (27,152,486.05) | $ 142,369,603.42 | $ 142,369,603.42 |
2037 | $ 658,247,580.54 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,534,069,983.34 | $ 114,296,977.00 | $ 115,255,011.12 | $ 229,551,988.12 | $ 11,602,446.36 | $ 103,652,564.76 | $ 103,652,564.76 |
2038 | $ 658,247,580.54 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,545,672,429.70 | $ 114,296,977.00 | $ 114,033,149.25 | $ 228,330,126.25 | $ 8,307,533.19 | $ 105,725,616.06 | $ 105,725,616.06 |
2039 | $ 658,247,580.54 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,553,979,962.89 | $ 114,296,977.00 | $ 114,555,259.34 | $ 228,852,236.34 | $ 6,715,130.96 | $ 107,840,128.38 | $ 107,840,128.38 |
2040 | $ 658,247,580.54 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,560,695,093.85 | $ 114,296,977.00 | $ 114,929,098.33 | $ 229,226,075.33 | $ 4,932,167.38 | $ 109,996,930.95 | $ 109,996,930.95 |
2041 | $ 658,247,580.54 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,565,627,261.24 | $ 114,296,977.00 | $ 115,231,279.22 | $ 229,528,256.22 | $ (19,460,928.61) | $ 134,692,207.83 | $ 134,692,207.83 |
2042 | $ 638,786,651.93 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,546,166,332.63 | $ 114,296,977.00 | $ 115,453,226.76 | $ 229,750,203.76 | $ 1,012,419.80 | $ 114,440,806.96 | $ 114,440,806.96 |
2043 | $ 638,786,651.93 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,547,178,752.43 | $ 114,296,977.00 | $ 114,577,484.97 | $ 228,874,461.97 | $ (2,152,138.13) | $ 116,729,623.09 | $ 116,729,623.09 |
2044 | $ 636,634,513.81 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,545,026,614.30 | $ 114,296,977.00 | $ 114,623,043.86 | $ 228,920,020.86 | $ (4,441,171.70) | $ 119,064,215.56 | $ 119,064,215.56 |
2045 | $ 632,193,342.11 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,540,585,442.61 | $ 114,296,977.00 | $ 114,526,197.64 | $ 228,823,174.64 | $ (6,919,302.22) | $ 121,445,499.87 | $ 121,445,499.87 |
2046 | $ 625,274,039.89 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,533,666,140.38 | $ 114,296,977.00 | $ 114,326,344.92 | $ 228,623,321.92 | $ (29,417,401.86) | $ 143,743,746.78 | $ 143,743,746.78 |
2047 | $ 595,856,638.03 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,504,248,738.52 | $ 114,296,977.00 | $ 114,014,976.32 | $ 228,311,953.32 | $ (12,336,921.75) | $ 126,351,898.06 | $ 126,351,898.06 |
2048 | $ 583,519,716.28 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,491,911,816.78 | $ 114,296,977.00 | $ 112,691,193.23 | $ 226,988,170.23 | $ (16,187,742.79) | $ 128,878,936.02 | $ 128,878,936.02 |
2049 | $ 567,331,973.49 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,475,724,073.99 | $ 114,296,977.00 | $ 112,136,031.76 | $ 226,433,008.76 | $ (19,320,482.99) | $ 131,456,514.74 | $ 131,456,514.74 |
2050 | $ 548,011,490.50 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,456,403,591.00 | $ 114,296,977.00 | $ 111,407,583.33 | $ 225,704,560.33 | $ (22,678,061.71) | $ 134,085,645.04 | $ 134,085,645.04 |
2051 | $ 525,333,428.79 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,433,725,529.29 | $ 114,296,977.00 | $ 110,538,161.59 | $ 224,835,138.59 | $ (42,682,211.44) | $ 153,220,373.03 | $ 153,220,373.03 |
2052 | $ 482,651,217.36 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,391,043,317.85 | $ 114,296,977.00 | $ 109,517,648.82 | $ 223,814,625.82 | $ (29,985,056.28) | $ 139,502,705.10 | $ 139,502,705.10 |
2053 | $ 452,666,161.08 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,361,058,261.57 | $ 114,296,977.00 | $ 107,596,949.30 | $ 221,893,926.30 | $ (34,695,809.90) | $ 142,292,759.20 | $ 142,292,759.20 |
2054 | $ 417,970,351.18 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,326,362,451.68 | $ 114,296,977.00 | $ 106,247,621.77 | $ 220,544,598.77 | $ (38,890,992.61) | $ 145,138,614.38 | $ 145,138,614.38 |
2055 | $ 379,079,358.57 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,287,471,459.06 | $ 114,296,977.00 | $ 104,686,310.33 | $ 218,983,287.33 | $ (43,355,076.35) | $ 148,041,386.67 | $ 148,041,386.67 |
2056 | $ 335,724,282.22 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,244,116,382.71 | $ 114,296,977.00 | $ 102,936,215.66 | $ 217,233,192.66 | $ (72,286,609.57) | $ 175,222,825.23 | $ 175,222,825.23 |
2057 | $ 263,437,672.65 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,171,829,773.14 | $ 114,296,977.00 | $ 100,985,237.22 | $ 215,282,214.22 | $ (53,037,021.47) | $ 154,022,258.69 | $ 154,022,258.69 |
2058 | $ 210,400,651.18 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,118,792,751.67 | $ 114,296,977.00 | $ 97,732,339.79 | $ 212,029,316.79 | $ (59,370,364.08) | $ 157,102,703.87 | $ 157,102,703.87 |
2059 | $ 151,030,287.10 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 2,059,422,387.60 | $ 114,296,977.00 | $ 95,345,673.83 | $ 209,642,650.83 | $ (64,899,084.12) | $ 160,244,757.95 | $ 160,244,757.95 |
2060 | $ 86,131,202.98 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 1,994,523,303.48 | $ 114,296,977.00 | $ 92,674,007.44 | $ 206,970,984.44 | $ (70,775,645.66) | $ 163,449,653.10 | $ 163,449,653.10 |
2061 | $ 15,355,557.32 | $ 653,202,064.38 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 1,923,747,657.81 | $ 114,296,977.00 | $ 89,753,548.66 | $ 204,050,525.66 | $ (76,965,097.51) | $ 166,718,646.17 | $ 166,718,646.17 |
2062 | $ - | $ 591,592,524.18 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 1,846,782,560.30 | $ 114,296,977.00 | $ 86,568,644.60 | $ 200,865,621.60 | $ (83,484,374.49) | $ 170,053,019.09 | $ 170,053,019.09 |
2063 |
| $ 508,108,149.69 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 1,763,298,185.82 | $ 114,296,977.00 | $ 83,105,215.21 | $ 197,402,192.21 | $ (90,348,864.26) | $ 173,454,079.47 | $ 173,454,079.47 |
2064 |
| $ 417,759,285.44 | $ 622,390,579.00 | $ 270,000,000.00 | $ 325,000,000.00 | $ 1,672,949,321.56 | $ 114,296,977.00 | $ 79,348,418.36 | $ 193,645,395.36 | $ (97,574,742.70) | $ 176,923,161.06 | $ 176,923,161.06 |