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 plus Other Available Funds for last audited fiscal year or any 12-month period in prior 18 months must equal greater of (A) required deposits to all Funds or (B) 125% of aggregate Debt Service. Projected test: Airport Consultant report for 3 fiscal years after project completion showing Net Revenues plus Other Available Funds projected to equal greater of (A) required deposits or (B) 125% of aggregate Debt Service for Outstanding Bonds, new Bonds, and estimated future Bonds for project completion. Exceptions for refundings (no test if average annual DS not greater) and completion bonds (15% of original par, no consultant report).

Rate Covenant

Net Revenues (Revenues minus Operation and Maintenance Expenses) plus Other Available Funds (not to exceed 25% of Debt Service in any fiscal year) must equal at least 125% of Debt Service. PFC Revenues are treated as Revenues only to the extent transferred from PFC Revenue Account to Debt Service Fund.

Flow of Funds

Revenue Fund receives all Revenues and PFC Revenues (into PFC Revenue Account). Monthly deposits in priority: (1) O&M Fund; (2) Debt Service Fund (1/6 interest, 1/12 principal); (3) Debt Service Reserve Fund (make up deficiency in 6 equal installments); (4) Rebate Fund; (5) Special Redemption Fund; (6) O&M Reserve Fund (lesser of 1/12 of requirement or amount to reach requirement); (7) Renewal & Replacement Fund (5% of DS Fund deposit, min $200k); (8) General Obligation Bond Fund; (9) Airport Revenue Bond General Fund (residual). PFC Revenues transferred directly from PFC Revenue Account to Debt Service Fund and Special Redemption Fund for PFC-eligible projects.