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 Revenues for last complete FY or any 12-month period out of 18 months preceding issuance equaled required transfers and Net Revenues + Other Available Moneys ≥ 1.25x Aggregate Annual Debt Service; (B)-(D) Projected test - consultant report and Authority certificate showing projected Revenues, O&M, Net Revenues for FYs from current through later of 5 years after issuance or 3 years after beneficial occupancy, demonstrating Revenues ≥ required transfers and Net Revenues + Other Available Moneys ≥ 1.25x Aggregate Annual Debt Service. Alternative: certificate showing Net Revenues + Other Available Moneys for last complete FY or 12-month period ≥ 1.25x Maximum Annual Debt Service on all Bonds Outstanding plus new series. For refundings: certificate from CPA showing Aggregate Annual Debt Service for each FY thereafter ≤ Aggregate Annual Debt Service absent refunding, or full test. Exemption for initial Bonds if no other Bonds Outstanding and no Parity Payment Agreements.

Rate Covenant

Net Revenues plus Other Available Moneys must equal at least 1.25 times Aggregate Annual Debt Service. Net Revenues = Revenues (other than Payment Agreement Receipts) minus Operation and Maintenance Expenses. Other Available Moneys = unencumbered moneys in Capital Improvement Fund at end of prior FY, capped at 25% of Aggregate Annual Debt Service.

Flow of Funds

On or before 5th day of each month, from Revenue Fund in priority: (A) O&M Fund - budgeted O&M expenses for next month; (B) Debt Service Fund - unpaid interest, principal, mandatory sinking account payments for Bonds, Parity Payment Agreement Payments, Credit Agreement Reimbursement Payments (monthly deposits for current interest bonds equal to interest over applicable accrual periods/12, 110% of accrued for variable rate; principal in equal monthly amounts over 12-month principal payment period; variable payment agreement payments 110% of accrued monthly); (C) Bond Reserve Fund - to Bond Reserve Account Requirement; (D) Subordinate Securities Fund - to requirement; (E) O&M Reserve Fund - to 1/4 of budgeted O&M for current FY; (F) Renewal & Replacement Fund - to greater of $1M or amount established by Authority; (G) Capital Improvement Fund - remaining balance. Within Capital Improvement Fund per Airline Operating Agreements: PFC Capital Account (net PFC proceeds in excess of PFC debt service + interest), then Capital Improvement Account split: Other Available Moneys Coverage Subaccount (lesser of 50% of deposit or debt service coverage, carried forward to next FY) and Capital Improvements Subaccount (remainder).