Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Historical test: (Net Revenues + non-Revenue deposits to Bond Fund including PFC) ≥ 125% of Maximum Annual Debt Service on all Bonds after issuance. OR Projected test: Independent Airport Consultant certifies Rate Covenant will be satisfied for specified future periods (3-5 years depending on bond purpose). Completion Bonds up to 15% of original series without test. Refunding bonds allowed if debt service does not increase in any year.

Rate Covenant

Test 1 requires Revenues ≥ Operating Expenses + Bond Fund deposits + Reserve Fund deposits. Test 2 requires Net Revenues ≥ 125% of Bond Fund deposits. Bond Fund deposits are reduced by PFC Monies transferred from PFC Account during the Fiscal Year.

Flow of Funds

All Revenues deposited daily into Revenue Account. Priority: (1) Operating Expenses paid from Revenue Account; (2) Deposits to Bond Fund (after crediting PFC transfers); (3) Deposits to Reserve Fund; (4) Remaining revenues may be withdrawn for any lawful purpose and are released from Indenture lien. PFC Monies deposited into separate PFC Account (not subject to Indenture lien); Authority expects monthly withdrawals aggregating ~$4.5M per Bond Year transferred to Bond Fund for Series 2020 debt service.