Ratemaking Overview

Settlement & True-Up

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Landing Fee Methodology

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Terminal Rental Rate

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Common Use & Gate Allocation

Additional Bonds Test

Additional Construction Bonds may be issued on parity if: (i) a Written Certificate by the Authority certifies that Net Revenues for the most recent Fiscal Year (or any 12 consecutive months out of the most recent 24 months), together with Rolling Coverage Amount, will satisfy the Rate Covenant Requirement for specified periods; OR (ii) an Airport Consultant's Certificate certifies Estimated Net Revenues for specified periods will satisfy the Rate Covenant Requirement, including debt service on any Construction Bonds expected to be issued thereafter to complete the Project. Certain exemptions apply for bonds necessary for operations, compliance, or completion of previously-funded projects.

Rate Covenant

The Authority covenants to establish rates that yield: (1) Net Revenues (Revenues less Operating Expenses) plus Rolling Coverage Amount ≥ 125% of Aggregate Debt Service (excluding Repayment Obligations) plus 100% of Repayment Obligations; and (2) Net Revenues plus Rolling Coverage Amount ≥ 100% of all deposits required by the Bond Resolution. Aggregate Debt Service excludes principal and interest on Bonds paid from escrowed funds or from Other Moneys Available for Debt Service (e.g., PFCs).

Flow of Funds

All Revenues deposited to Revenue Fund. Operating Expenses paid first as a first charge on Revenue Fund. Then monthly deposits in priority order: (1) Debt Service Fund (Accrued Debt Service on each Series); (2) Debt Service Reserve Fund (restore to Debt Service Reserve Requirement); (3) Operation and Maintenance Reserve Fund (restore to O&M Reserve Requirement); (4) Renewal and Replacement Fund (restore to R&R Requirement). Remaining amounts may be transferred to Surplus Fund or Rolling Coverage Account.