Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Additional Senior Obligations may be issued if EITHER: (A) Airport Consultant certifies projected Net Revenues sufficient to satisfy Rate Covenant for next 5 full FYs following issuance OR next 2 full FYs following completion of Capital Improvements financed, whichever later (plus extension if Capitalized Interest exists); OR (B) Authorized Representative certifies Net Revenues for most recent audited FY or any 12 consecutive months out of most recent 18 months ≥ (1) 125% of Maximum Aggregate Adjusted DS for all Outstanding Senior Obligations + proposed Senior Obligations, (2) 110% for Senior + Subordinate + proposed, (3) 100% for Senior + Subordinate + Junior + proposed. Refunding Senior Obligations may be issued if either ABT satisfied or Aggregate Adjusted Annual DS after refunding ≤ Aggregate Adjusted Annual DS before refunding in each Test Year.

Rate Covenant

General Rate Covenant: Net Revenues ≥ 100% of aggregate transfers (Second through Tenth). Senior Coverage Rate Covenant: Net Revenues + Transfer (max 25% of Accrued DS on Senior Obligations) ≥ 125% of Accrued Debt Service on Outstanding Senior Obligations. Subordinate Coverage Rate Covenant: Net Revenues + Transfer (max 10% of Accrued DS on Senior + Subordinate) ≥ 110% of Accrued DS on Senior + Subordinate. Junior Subordinate Coverage Rate Covenant: Net Revenues ≥ 100% of Accrued DS on Senior + Subordinate + Junior Subordinate. Accrued Debt Service excludes DS payable from Capitalized Interest and Available Revenues (including Available CFC Revenues used for 2012 Bonds) or moneys other than Revenues.

Flow of Funds

All Revenues deposited into Revenue Fund (held by Authority). Monthly withdrawals in priority: First: Operating Fund (Operating Expenses per Annual Budget). Second: Senior Debt Service Fund (Accrued DS on Senior Bonds), Credit Provider Reimbursement Obligations for Senior Bonds, Net Payments for Qualified Swaps related to Senior Obligations, other Senior Obligation payments, plus Available Revenues as applicable (Pledged CFC for 2012 Bonds). Third: Senior Debt Service Reserve Fund (replenish to Senior DSRF Requirement, max 1/12 per month), Senior Series Debt Service Reserve Funds, Reserve Guaranty Providers for Senior Obligations. Fourth: Rebate Fund for Senior Obligations. Fifth: Subordinate Debt Service Fund (Accrued DS on Subordinate Bonds), Credit Provider Reimbursement Obligations for Subordinate Bonds, Net Payments for Qualified Swaps related to Subordinate Obligations, other Subordinate Obligation payments, Termination Payments to Qualified Counterparties for Senior Obligations. Sixth: Subordinate Debt Service Reserve Fund (replenish to requirement), Reserve Guaranty Providers for Subordinate Obligations. Seventh: Rebate Fund for Subordinate Obligations. Eighth: Operating Reserve Account (1/12 of Operating Reserve Requirement). Ninth: Junior Subordinate Obligations payments. Tenth: Rebate Fund for Junior Subordinate Obligations. Eleventh: All excess to Surplus Fund.