Ratemaking Overview

Settlement & True-Up

Not available

Extraordinary Coverage Protection (ECP)

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two tests: (i) Historical test - Net Revenues plus any Transfer for most recent audited FY or any 12 consecutive months out of most recent 18 months must satisfy 125% rate covenant for next 5 full FYs (or next 2 full FYs with no capitalized interest, whichever later), including proposed Additional Bonds; OR (ii) Consultant certificate - Airport Consultant certifies projected Net Revenues plus Transfers will satisfy 125% rate covenant for next 5 full FYs (or next 2 full FYs with no capitalized interest, whichever later). For refunding bonds: Principal and Interest Requirements for proposed Additional Bonds in each FY through last FY when refunded bonds would be outstanding must not exceed 105% of Principal and Interest Requirements on refunded bonds. If 105% test cannot be met, must meet historical or consultant test above.

Rate Covenant

Net Revenues plus any Transfer for each Fiscal Year will be equal to at least 125% of Principal and Interest Requirements on all Outstanding Bonds for such Fiscal Year. Net Revenues = Revenues minus Current Expenses. Principal and Interest Requirements = debt service to be paid from irrevocably committed Available Revenues (PFC and Grant Revenues) is disregarded and not included.

Flow of Funds

All Revenues deposited into Revenue Account. Applied in priority: (a) Current Expenses plus Operation and Maintenance Requirement (1/6 of annual Current Expenses); (b) Interest Account; (c) Principal Account; (d) Sinking Fund Account; (e) Reserve Account; (f) Subordinated Debt Trustee/Paying Agent; (g) Subordinated Debt Service Reserve Account; (h) Renewal and Replacement Account; (i) Improvements Account; (j) General Purposes Account. Available PFC Revenues and Available Grant Revenues transferred from Available PFC Account and Available Grant Account to Interest and Principal Accounts to pay debt service on certain bonds.