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 if: (a) an Airport Board Representative certifies that Net Revenues for the last audited Fiscal Year or any audited/unaudited 12 consecutive months out of the most recent 18 months, together with any Coverage Amount, were at least 125% of Maximum Aggregate Annual Debt Service with respect to all Outstanding Bonds and proposed Bonds; OR (b) a Consultant certifies that (i) Net Revenues for the applicable period, together with any Coverage Amount, were at least 125% of Annual Debt Service on all Outstanding Bonds, and (ii) estimated Net Revenues, together with any estimated Coverage Amount, for the first full Fiscal Year following issuance (excluding capitalized interest) through the later of the fifth full Fiscal Year or second full Fiscal Year with no capitalized interest, will be at least 125% of Aggregate Annual Debt Service for each Fiscal Year with respect to all Outstanding Bonds, proposed Bonds, and any future Bonds estimated to complete the Specified Project.

Rate Covenant

Net Revenues, together with any Coverage Amount (not exceeding 25% of Annual Debt Service), must be at least equal to 125% of Annual Debt Service on Outstanding Bonds for each Fiscal Year. Annual Debt Service is reduced by amounts paid with Capitalized Interest, Other Money Available for Debt Service, PFCs Available for Debt Service, and/or Pledged PFCs.

Flow of Funds

Revenues are deposited into the Revenue Fund and applied in the following priority: (1) Operation and Maintenance Expenses; (2) Debt Service on Outstanding Bonds (net of PFCs Available for Debt Service, Other Money Available for Debt Service, Pledged PFCs, and Capitalized Interest); (3) Common Debt Service Reserve Fund and Series Debt Service Reserve Funds; (4) Subordinate Obligation Debt Service; (5) Subordinate Obligation Debt Service Reserve Funds; (6) Operation and Maintenance Reserve (to meet O&M Reserve Requirement); (7) Renewal and Replacement Reserve (to meet R&R Reserve Requirement); (8) General Airport Purposes (lawful Airport System purposes, redemption of Bonds, other proper purposes).