Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Trustee must receive written report of Airport Consultant that projected Airport Revenues, together with Other Available Funds, less projected Operating Expenses during each of the five complete Fiscal Years immediately following issuance, are at least equal to 125% of Bond service charges on all outstanding Revenue Bonds including Additional Revenue Bonds proposed to be issued. Exceptions: (i) historical test - Director of Finance certifies Airport Revenues plus Other Available Funds less Operating Expenses for 12 of past 18 months or most recent audited FY are at least 125% of Bond service charges in each of 3 complete FYs following issuance; (ii) refunding bonds meeting savings or debt service tests; (iii) completion bonds not exceeding 10% of total project cost. Subject to MII approval under Use Agreements.

Rate Covenant

Airport Revenues, together with Other Available Funds, less Operating Expenses, at least equal to 125% of the amount maturing and becoming due in such Fiscal Year for the payment of principal of and interest on all Outstanding Revenue Bonds

Flow of Funds

All Airport Revenues deposited to Trustee in Revenue Fund. Monthly transfers: First to Bond Service Fund (debt service + Hedge Agreement payments); Second to Bond Service Reserve Fund (maximum annual debt service); Third to Operating and Maintenance Fund (O&M expenses + working capital); Fourth to Subordinated Debt Service Fund; Fifth to General Obligation Debt Service Fund; Sixth to Renewal and Replacement Fund (greater of 2% of par or $5M); Seventh to Airport Development Fund (up to $12M annually to Airport Account and Airline Account)