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 upon filing with Trustee: (1) certificate of County that no event of default exists and Trustee certificate of no actual knowledge of default; (2) certificate of County showing (a) Net Revenues for last audited fiscal year and (b) maximum debt service on all Outstanding Bonds plus Additional Bonds, demonstrating Net Revenues plus Other Available Funds equal at least 125% of such debt service; OR certificate by Airport Consultant projecting for each of three fiscal years after project completion that Net Revenues plus Other Available Funds will be at least 125% of debt service; (3) certified copy of Supplemental Resolution; (4) opinion of bond counsel. Completion Bonds: certificates not required if principal does not exceed 15% of original principal for project. Refunding Bonds: certificates not required if average annual debt service on refunding bonds does not exceed average on Refunded Bonds.

Rate Covenant

Net Revenues, together with Other Available Funds (unencumbered funds on deposit or anticipated on the first day of the fiscal year in the Coverage Fund and Surplus Fund up to 25% of debt service), must equal at least 125% of debt service on all Outstanding Bonds, including without duplication any Credit Facility Obligations with same priority lien. PFC Revenues treated as Revenues only if specifically designated in Supplemental Resolutions. Failure to comply does not constitute default if County promptly (a) causes airport consultant study with recommendations, (b) considers recommendations, (c) takes action to comply, and (ii) in following fiscal year, Net Revenues plus Other Available Funds meet covenant.

Flow of Funds

Revenues deposited into Airport Revenue Fund. PFC Revenues transferred to PFC Revenue Account. Monthly transfers to: (1) Operation and Maintenance Fund for current O&M Expenses; (2) Special Redemption Fund (Interest and Principal Account, Reserve Account, Capitalized Interest Account) for debt service and Reserve deficiencies; (3) General Obligation Bond Fund for GO bonds (none outstanding); (4) O&M Reserve Fund maintained at 1/6 of estimated annual O&M Expenses; (5) Coverage Fund maintained at 25% of annual debt service; (6) Capital Improvement Reserve Fund for capital improvements per Amended AULA and subordinate debt; (7) Surplus Fund for ADFA and ADF Depreciation Account per Amended AULA.