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 Bonds may be issued on parity provided either: (a) Net Revenues for the last audited Fiscal Year or any 12 consecutive months out of the most recent 18 months, together with Coverage Account amounts, were at least equal to (A) 125% of Maximum Aggregate Annual Debt Service on all Outstanding Bonds and proposed Bonds, and (B) 100% of maximum aggregate annual debt service on Subordinate Obligations; or (b) Consultant certificate showing that for the period from the first full Fiscal Year following issuance (during which no interest is paid from proceeds) through the later of (1) fifth full Fiscal Year or (2) third full Fiscal Year with no capitalized interest, estimated Net Revenues together with Coverage Account amounts and other legally available funds will be at least equal to (1) 125% of Aggregate Annual Debt Service on all Outstanding Bonds, proposed Bonds, and estimated future Bonds to complete uncompleted Airport Facilities, and (2) 100% of aggregate annual debt service on Subordinate Obligations. Exception: Completion Bonds (principal amount not exceeding 15% of original Bonds for the Project) may be issued with only a Consultant certificate that the Project nature/purpose has not materially changed and an Authorized Authority Representative certificate regarding cost overruns and sufficiency of funds.

Rate Covenant

Net Revenues in each Fiscal Year must be at least equal to: (a) Aggregate Annual Debt Service on Outstanding Bonds (reduced by Capitalized Interest and PFCs Available for Debt Service), plus deposits to Common/Series Debt Service Reserve Accounts, plus reimbursements to Credit/Liquidity Providers, plus principal and interest on Subordinate Obligations, plus funding of debt service reserve funds for Subordinate Obligations. Separately, Net Revenues together with any amounts available in the Coverage Account must equal at least (i) 125% of Aggregate Annual Debt Service on Outstanding Bonds and (ii) 100% of aggregate annual debt service on Subordinate Obligations. Coverage Account transfers cannot exceed the Coverage Amount (25% of Annual Debt Service on Outstanding Bonds).

Flow of Funds

All Revenues deposited to Revenue Fund. Priority: First, Operation and Maintenance Fund (monthly deposits projected to be required for O&M Expenses). Second, Debt Service Fund (monthly deposits for principal and interest on Outstanding Bonds; PFCs Available for Debt Service deposited to applicable Series Debt Service Accounts). Third, Debt Service Reserve Fund (monthly deposits to Common Debt Service Reserve Account and/or Series Debt Service Reserve Accounts as required). Fourth, Subordinate Obligation Debt Service Funds (monthly deposits for Subordinate Obligations). Fifth, Subordinate Obligation Debt Service Reserve Funds (monthly deposits to fund deficiencies, but only if DSRF accounts are fully funded). Sixth, Operation and Maintenance Reserve Account (monthly deposits to fund deficiencies). Seventh, Renewal and Replacement Fund (monthly deposits to fund deficiencies). Eighth, Coverage Account (discretionary deposits by Authority). Ninth, Rebate Fund (as required by Supplemental Indenture). Tenth, Authority General Purpose Fund (remaining Revenues for any lawful purpose). Authority reserves right to amend clauses Sixth through Tenth without Bondholder consent, provided no violation of clauses First through Fifth.