Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

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Terminal Rental Rate

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Common Use & Gate Allocation

Additional Bonds Test

Additional Bonds may be issued if (i) Net Revenues (adjusted for certain items) for the most recent audited fiscal year or any 12 consecutive months of the most recent 24 months ≥ 1.25x (or higher if specified) of Maximum Annual Debt Service on all Outstanding Bonds and proposed Additional Bonds; or (ii) a Consultant certifies that Net Revenues in each of the first two full fiscal years after completion will be at least 1.25x Maximum Annual Debt Service; or (iii) for completion bonds ≤15% of original issue, with certifications that project nature/purpose has not materially changed and proceeds sufficient to complete.

Rate Covenant

Net Revenues (Revenues less Operating and Maintenance Expenses), together with amounts deposited in the Rolling Coverage Account as of the end of the immediately preceding Fiscal Year (not to exceed 25% of Aggregate Annual Debt Service), must be at least 125% of Annual Debt Service on Outstanding Bonds. Revenues subject to adjustment for certain items. To the extent PFCs have been Irrevocably Committed to pay Annual Debt Service, such amounts are excluded from debt service calculation.

Flow of Funds

From Gross Revenue Fund, monthly deposits in priority order: (1) O&M Fund for next month's Operating and Maintenance Expenses; (2) Debt Service Fund for principal and interest on Outstanding Bonds (parity); (3) Common Reserve Account and Series Debt Service Reserve Accounts (parity); (4) Subordinate Obligation Debt Service Fund (if applicable); (5) O&M Reserve Fund (1/12th to bring balance to 1/4 of budgeted annual O&M); (6) Rebate Fund (as needed); (7) Airport General Fund (Rolling Coverage Account, General Airport Account, and other accounts).