Salt Lake City International Airport

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) Historical Test - certificate showing Net Revenues for last audited FY or any 12 consecutive months out of most recent 18 months, together with any Transfer, were at least 125% of Maximum Aggregate Annual Debt Service (excluding Capitalized Interest) for all Outstanding Bonds and proposed Series; OR (b) Consultant Test - (i) Historical Net Revenues plus Transfer were at least 125% of Annual Debt Service on existing Outstanding Bonds; AND (ii) projected Net Revenues plus Transfer for first full FY following issuance (with no capitalized interest) through later of fifth full FY or third full FY with no capitalized interest, will be at least 125% of Aggregate Annual Debt Service for all Outstanding and proposed Bonds (including estimated future Bonds to complete the Specified Project). Transfer cannot exceed 25% of Aggregate Annual Debt Service.

Rate Covenant

Revenues in each Fiscal Year must be at least equal to: (i) Operation and Maintenance Expenses; (ii) Annual Debt Service on Outstanding Bonds; (iii) required deposits to debt service reserve funds; (iv) reimbursement to Credit/Liquidity Providers; (v) principal and interest on other City indebtedness (including Subordinate Obligations); and (vi) funding of debt service reserve funds for other indebtedness. Net Revenues, together with any Transfer (cannot exceed 25% of Annual Debt Service), must equal at least 125% of Annual Debt Service on Outstanding Bonds. Annual Debt Service is reduced by Capitalized Interest, Passenger Facility Charges Available for Debt Service, and Pledged Passenger Facility Charges.

Flow of Funds

FIRST: O&M Subaccount (1/12 of estimated annual O&M Expenses). SECOND: Debt Service Funds (1/6 of interest, 1/12 of principal for Outstanding Bonds; includes Revenues plus Pledged PFCs/PFCs Available for Debt Service). THIRD: Common Debt Service Reserve Fund and Series Debt Service Reserve Funds. FOURTH: Subordinate Obligation Debt Service Funds (1/6 of interest, 1/12 of principal). FIFTH: Subordinate Obligation Debt Service Reserve Funds (only if Common DSRF and Series DSRFs are fully funded). SIXTH: O&M Reserve Subaccount. SEVENTH: Renewal and Replacement Subaccount. EIGHTH: Rolling Coverage Account (discretionary). NINTH: Surplus Fund (discretionary, for any lawful Airport System purpose).