Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Three alternative conditions: (i) Historical test - Net Revenues plus Other Available Funds (last FY or 12 months) plus allowances for new facilities/rate increases ≥ 125% of Maximum Annual Adjusted Debt Service; or (ii) Projected test - Consultant report showing estimated Net Revenues plus Other Available Funds ≥ 125% of Maximum Annual Adjusted Debt Service for first 3 complete FYs after beneficial occupancy; or (iii) Completion bonds - not exceeding 10% of outstanding principal for same Capital Improvement, with Consultant certificate that scope not materially increased.

Rate Covenant

City covenants to fix and collect rates to yield Net Revenues (together with Other Available Funds) equal to at least 125% of Adjusted Debt Service for all Outstanding Bonds for each Fiscal Year. Net Revenues = Revenues minus Operating Expenses. Adjusted Debt Service = Debt Service minus PFC Contribution. Other Available Funds = 25% of debt service on Series 2007 Bonds.

Flow of Funds

Revenues deposited to Revenue Fund. Applied in priority: (1) Operating Expenses, (2) Debt Service on all Bonds (parity), (3) Debt Service Reserve Funds to required levels, (4) Operating Reserve Account, (5) Subordinated Indebtedness Fund, (6) Renewal and Replacement Fund, (7) Other charges payable from Revenues. CFC Revenues exclusively pledged to Series 2007 Bonds debt service. PFC Revenues not pledged but deposited to PFC Debt Service Escrow Fund per covenant (Minimum PFC Contribution reduced to $0 upon issuance of Series 2023 Bonds, but City intends voluntary deposits).