Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Additional Obligations may be issued on a parity basis with Outstanding Obligations if the Board files with the Trustee: (a) certified copy of the Series Resolution; (b) copy of the related Ordinance adopted by the Urban County Council; (c) a Supplemental Trust Indenture (if applicable); (d) a Supplemental Lease; (e) except for Completion Obligations and Refunding Obligations, either (1) a Certificate of an Independent Airport Consultant stating that General Revenues (plus PFCs and CFCs if anticipated) are projected to be not less than that required to satisfy the Rate Covenant for each of the next three Fiscal Years following issuance (or through two Fiscal Years following completion of the Airport Project), or (2) a Certificate stating that General Revenues for the most recent completed Fiscal Year satisfied the Rate Covenant, assuming Aggregate Annual Debt Service includes the maximum Annual Debt Service on the proposed Obligations; plus other required certificates, opinions, and documents as specified in the Trust Indenture.

Rate Covenant

The Board covenants to fix and establish rates such that General Revenues, together with any cash balances as of the first day of the Fiscal Year, will be at least sufficient to: (i) provide for payment of Operation and Maintenance Expenses, any required deposit to any Pledged Fund, amounts due to Credit Support Providers (non-reimbursement), and amounts due to Urban County Government under the Lease, exclusive of Aggregate Annual Debt Service; and (ii) provide for payment of not less than 100 percent of the Aggregate Annual Debt Service for the Fiscal Year, reduced by (A) amounts available in any capitalized interest account and (B) anticipated receipts from PFCs and CFCs that are available for the payment of Debt Service Charges.

Flow of Funds

General Revenues are deposited into the General Operating Fund and applied in the following order: (a) payment of all current Operation and Maintenance Expenses; (b) transfer to Debt Service Payment Account for interest on all Outstanding Obligations; (c) transfer to Debt Service Payment Account for principal on all Outstanding Obligations; (d) transfer to Debt Service Reserve Fund in required amounts; (e) payment of any amounts due to Credit Support Provider not related to reimbursement for Debt Service Charges; (f) payment of any amounts due from Board to Urban County Government under the Lease.