Ratemaking Overview

Settlement & True-Up

Not available

Extraordinary Coverage Protection (ECP)

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two-part test: (1) Most recent audited financial statements show compliance with rate covenant, plus (2) either (i) Airport Consultant certifies projected Net Revenues will satisfy rate covenant for next 3 full fiscal years following issuance OR through 2 full fiscal years following project completion (whichever later), with MADS test if >110% of Annual Debt Service in test years; OR (ii) Authority Representative certifies Net Revenues in most recent completed fiscal year were not less than the larger of required fund deposits or 125% of (existing Annual Debt Service + MADS on new bonds).

Rate Covenant

Net Revenues must be at least sufficient to produce the larger of either: (a) amounts needed for required deposits to Principal, Interest, and Redemption Accounts, Debt Service Reserve Fund, Subordinated Bond Funds, Subordinated Reserve Funds, Junior Lien Obligations Fund, Federal Lease Fund, and Emergency Repair and Rehabilitation Fund; or (b) 125% of Annual Debt Service with respect to Bonds. Net Revenues = Revenues minus Operation and Maintenance Expenses. Annual Debt Service excludes principal and interest on Bonds for which funds have been irrevocably committed (including Designated Passenger Facility Charges).

Flow of Funds

Monthly deposits from Revenue Fund in priority order: (a) O&M Fund to 25% of budgeted O&M Expenses; (b) Bond Fund (Principal, Interest, Redemption Accounts); (c) Debt Service Reserve Fund replenishment; (d) Subordinated Bond Funds; (e) Subordinated Reserve Funds; (f) Junior Lien Obligations Fund; (g) Federal Lease Fund (1/12 annual payment); (h) Emergency Repair & Rehabilitation Fund; (i) General Purpose Fund (remaining amounts). PFC Fund operates separately with PFC Debt Service Account and PFC Project Account.