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Airport Profile

Bond TypeGARB

Key Financial Data (FY 2024)

CPE$11.57
Signatory Landing Fee$3.7100
Enplanements726,703
Total Operating Revenue$30.0M
Total Operating Expense$42.8M
Operating Income$-12.8M
Total Debt$127.8M
Rate Covenant1.25x
Unrestricted Cash$16.2M
Landed Weight (1000 lbs)781,468,044

Enplaned Passengers (T-100)

657K-6.6%

Cost per Enplanement (CPE)

$11.57+4.8%

Revenue

$30.0M+7.9%

Expense

$42.8M+12.2%

Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two-part test: (a) Certificate from Authorized Representative showing Net Revenues for any 12 consecutive months out of most recent 18 months were at least 110% of Maximum Aggregate Annual Debt Service on all Outstanding Bonds plus proposed Bonds; OR (b) Consultant certificate stating proposed Bonds are payable from Net Revenues and Authority will comply with Rate Covenant during either (i) first 3 fiscal years after project completion or (ii) first 5 fiscal years after bond issuance, whichever is later. Authorized Representative may adjust Net Revenues for rate increases effective prior to issuance but not in effect during 12-month test period. Refunding bonds may be issued without ABT if MADS after refunding does not exceed MADS before refunding.

Rate Covenant

Covenant Ratio1.25x

Authority shall establish rates so that Net Revenues plus amounts in Coverage Account (not to exceed 25% of Aggregate Annual Debt Service) will be at least 125% of Aggregate Annual Debt Service on Outstanding Bonds. Net Revenues = Revenues less Maintenance and Operation Expenses.

Flow of Funds

All Revenues deposited in Revenue Fund held by Authority. Priority waterfall: (a) Maintenance and Operation Expenses; (b) Senior Debt Service Fund (held by Trustee); (c) Debt Service Reserve Fund (held by Trustee); (d) Subordinated Obligations Debt Service Fund (held by Subordinate Trustee); (e) Subordinated Obligations Debt Service Reserve Fund (held by Subordinate Trustee); (f) Junior Obligation Debt Service; (g) Maintenance and Operation Reserve Fund (held by Authority); (h) Renewal and Replacement Fund (held by Authority); (i) General Fund with three accounts: Coverage Account (up to 25% of aggregate annual debt service), Capital Improvement Account ($500,000 per Airline Agreements), Revenue Credit Account ($500,000 per Airline Agreements, refunded to Airlines at beginning of each fiscal year; amounts exceeding $500,000 split 50% to Capital Improvement Account, 50% to Revenue Credit Account).

1.Maintenance and Operation Expenses — Pay current M&O expenses of Airport System
2.Senior Debt Service Fund — Deposits to Trustee for payment of principal and interest on Bonds
3.Debt Service Reserve Fund — Deposits to Trustee to maintain DSRF or reimburse Credit Provider
4.Subordinated Obligations Debt Service Fund — Deposits to Subordinate Trustee for payment of principal and interest on Subordinated Obligations
5.Subordinated Obligations Debt Service Reserve Fund — Deposits to Subordinate Trustee to maintain Subordinate DSRF or reimburse Subordinate Credit Provider
6.Junior Obligation Debt Service — Payment of principal and interest on Junior Obligations (Authority permitted to pay so long as deposits (a)-(e) are current)
7.Maintenance and Operation Reserve Fund — Maintain balance equal to one-sixth of budgeted M&O Expenses for current fiscal year (held by Authority)
8.Renewal and Replacement Fund — Maintain balance equal to Renewal and Replacement Fund Requirement, currently $500,000 (held by Authority)
9.General Fund - Coverage Account — Revenues up to 25% of aggregate annual debt service on Outstanding Bonds, as determined by Authority (held by Authority)
10.General Fund - Capital Improvement Account — Revenues in amount specified in Airline Agreements (currently $500,000) for any lawful Airport System purpose (held by Authority)
11.General Fund - Revenue Credit Account — Revenues in amount specified in Airline Agreements (currently $500,000); balance at beginning of each fiscal year refunded to Airlines; amounts exceeding $500,000 split 50% to Capital Improvement Account, 50% to Revenue Credit Account (held by Authority)

Source Documents

Official Statements

MDT-2017-OS.pdf

Source: FAA CATS Form 5100-127, DOT T-100 Market Data, Airport Official Statements · Hub classification: FAA CY 2024 Enplanement Data · Prepared by DWU Consulting