Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two-part test: (i) Chief Financial Officer certifies no Event of Default exists; and (ii) either (a) Designated Financial Officer certifies Net Airport Revenues for the latest audited fiscal year equaled not less than 125% of Debt Service on all Outstanding Bonds plus the new Series; or (b) Airport Consultant certifies estimated Net Airport Revenues in each of the three full Fiscal Years following the fiscal year in which the project is placed in service (or when Refunding Bonds are issued) shall equal not less than 125% of Debt Service on all Outstanding Bonds including the new Series. Refunding Bonds may be issued under relaxed conditions. Completion Bonds (up to 15% of initial Series for a project) may be issued without clause (ii) compliance.

Rate Covenant

The Authority has covenanted to impose and prescribe schedules of rates, rentals, fees and charges for the Airport System to produce Net Airport Revenues (Airport Revenues less Operation and Maintenance Expenses) at least equal to one hundred twenty five percent (125%) of Debt Service on all Bonds Outstanding. Failure to comply does not constitute an Event of Default if the Authority promptly (i) causes an Airport Consultant to study and recommend rates adjustments, (ii) considers recommendations, and (iii) takes necessary action to comply. If rates are insufficient, the Authority must implement consultant recommendations unless they violate State or Federal law, regulation, mandate, or other agreements.

Flow of Funds

All Airport Revenues deposited monthly into Airport Revenue Fund. Priority waterfall: (1st) Airport Operation and Maintenance Fund and Accounts; (2nd) Airport Bond Fund and Accounts (principal and interest); (3rd) Airport Bond Reserve Fund; (4th) Subordinate debt principal, premium, interest; (5th) Subordinate debt reserve funds; (6th) Airport Renewal and Replacement Fund; (7th) Airport Development Fund (residual, applied to any corporate purpose after making up deficiencies).