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 only if: (1) Airport Consultant certifies that projected Amounts Available to Pay Debt Service will be not less than 125% of aggregate Annual Debt Service for Outstanding Bonds (excluding refunded bonds) for each of the next five full fiscal years, or through two full fiscal years following project completion (whichever later), extended if capitalized interest applies; OR (2) Independent CPA certifies that Amounts Available to Pay Debt Service in most recent completed fiscal year or any consecutive 12-month period out of last 18 months were not less than 125% of (A) Annual Debt Service on Outstanding Bonds (excluding refunded), plus (B) Maximum Annual Debt Service on proposed Additional Bonds. Refunding Bonds may be issued if either test (1) is met, or if certificate shows no increase in Maximum Annual Debt Service and decrease in total Debt Service. Completion Bonds limited to 15% of original project financing without test.

Rate Covenant

RIAC covenants to set rates sufficient to produce Amounts Available to Pay Debt Service (Net Revenues + Pledged PFC Revenue + amounts transferred from Airport General Purpose Fund + amounts in Coverage Account at beginning of fiscal year) to provide for the greater of: (A) amounts needed for required deposits to Principal, Interest, Redemption Accounts, Debt Service Reserve Fund, Subordinated Indebtedness Fund, and Repair and Rehabilitation Fund; or (B) not less than 125% of aggregate Annual Debt Service for Outstanding Bonds. Failure to meet covenant triggers rate adjustment requirement in following fiscal year; failure to meet covenant in that adjusted year constitutes Event of Default.

Flow of Funds

Monthly deposits from Revenue Fund in order of priority: (1) T.F. Green O&M Fund for T.F. Green O&M Expenses; (2) Interest Accounts and Principal/Redemption Accounts in Bond Fund (1/6th of next interest payment, 1/12th of next principal payment), with credit for amounts transferred from Pledged PFC Account; (3) Series Debt Service Reserve Fund accounts (1/24th to restore after draw for debt service, 1/6th to restore after investment loss); (4) T.F. Green O&M Reserve Account (12 equal monthly installments to restore); (5) Repair and Rehabilitation Fund Reserve; (6) Subordinated Indebtedness Fund; (7) Airport Rebate Fund; (8) Airport General Purpose Fund (remaining amounts, available for any lawful purpose). Separate PFC Fund receives PFC revenues; Pledged PFC Series Accounts within PFC Fund are pledged to applicable bond series.