Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

City must have complied with Rate Covenant for any 12 consecutive months within the most recent 18 months, and either: (i) City certifies (confirmed by Accountant) that for any 12 consecutive months within the most recent 18 months, Revenues Available for Bond Debt Service plus Coverage Amount was at least 125% of maximum annual Adjusted Debt Service on all Outstanding Bonds after giving effect to new issuance; or (ii) Airport Consultant certifies that Rate Covenant will be satisfied for each fiscal year from issuance through the later of the fifth subsequent fiscal year or second fiscal year following project completion, based on Independent Engineer estimates. For refunding bonds, these requirements need not be met if debt service is not increased in any fiscal year and maturity date is not extended. Debt Service Reserve Fund must be fully funded to Aggregate Debt Service Reserve Fund Requirement upon issuance.

Rate Covenant

For each fiscal year, Revenues Available for Bond Debt Service must equal or exceed the sum of Required Debt Service Fund Deposits plus deposits required to be made from Revenues described in Paragraphs Third through Ninth (excluding certain items). Additionally, the sum of Revenues Available for Bond Debt Service plus the Coverage Amount must equal or exceed 125% of Required Debt Service Fund Deposits. 'Coverage Amount' means the lesser of (a) the principal balance of the Coverage Account as of the close of business on the day immediately preceding such period or (b) 25% of the Required Debt Service Fund Deposits for such period. 'Revenues Available for Bond Debt Service' means Net Revenues minus principal and interest on Prior Bonds (currently no Prior Bonds outstanding). 'Required Debt Service Fund Deposits' means all deposits required to be made to the Principal and Interest Accounts of the Debt Service Fund, excluding amounts transferred from Capitalized Interest Account, investment earnings on the Project Fund, non-Revenue City funds, and amounts transferred or irrevocably committed from the PFC Revenues Account or LOI Revenues Account.

Flow of Funds

Revenues deposited to Revenue Fund. Monthly transfers on last Business Day: First - Operating Fund (next month's O&M per Operating Budget); Second - Debt Service Fund (Variable Rate adjustments, Interest Account, Principal Account within 12 months, Redemption Account, net of PFC/LOI transfers); Third - Debt Service Reserve Fund (1/12 of amount to reach Aggregate Debt Service Reserve Fund Requirement); Fourth - Subordinated Debt Service Fund (if applicable); Fifth - Subordinated Debt Service Reserve Fund (if applicable); Sixth - Operation and Maintenance Reserve Fund (three months O&M per Operating Budget); Seventh - Renewal and Replacement Reserve Fund (1/12 of annual requirement); Eighth - Insurance Reserve Fund (1/12 of annual requirement); Ninth - Rebate Fund (Rebate Fund Requirement); Tenth - General Fund (remaining amounts, including Coverage Account and Revenue Credit Account).