Non-Hub

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Airport Profile

Bond TypeGARB
Moody'sA2
FitchA+

Key Financial Data (FY 2025)

CPE$7.57
Signatory Landing Fee$2.0800
Enplanements1,834,134
Total Operating Revenue$44.2M
Total Operating Expense$48.2M
Operating Income$-4.0M
Total Debt$59.6M
Rate Covenant1.25x
Unrestricted Cash$83.3M
Landed Weight (1000 lbs)2,073,802

Enplaned Passengers (T-100)

1.5M-18.3%

Cost per Enplanement (CPE)

$7.57+6.2%

Revenue

$44.2M+7.7%

Expense

$48.2M+15.8%

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) Certificate from Authorized Officer showing Net Revenues for last audited Fiscal Year or any 12 consecutive months out of most recent 18 months were at least 125% of Maximum Aggregate Annual Debt Service for all Outstanding Bonds plus proposed Bonds; OR (b) Certificate from Consultant showing similar coverage projected going forward.

Rate Covenant

Covenant Ratio1.25x

Net Revenues (Revenues less Operation and Maintenance Expenses, net of O&M Expenses paid from Non-System Amounts, and may include Other Available Funds up to 25% of Annual Debt Service) must be at least 1.25 times Annual Debt Service on all Outstanding Bonds. Also requires Net Revenues at least equal to 100% of all payments and deposits required under the Ordinances.

Flow of Funds

Revenues deposited to Revenue Fund, applied monthly by 25th day: (1) O&M Fund and O&M Reserve Account; (2) Debt Service Account (Interest, Principal, Redemption subaccounts); (3) Debt Service Reserve Account; (4) Depreciation and Contingent Fund; (5) Discretionary uses if all covenants met. Available PFC Revenues flow through separate PFC Revenue Bond Fund with parallel priority structure for PFC Bonds.

1.Operation and Maintenance Fund — First from Non-System Amounts, second from Revenue Fund: (a) 1/12 of annual O&M Expenses; (b) to O&M Reserve Account 1/12 of difference between account balance and O&M Reserve Requirement
2.Debt Service Account — Transfer to Trustee for Interest Subaccounts (1/6 of next interest payment), Principal Subaccounts (1/6 or 1/12 depending on payment frequency), and Redemption Subaccounts (1/6 or 1/12 of Sinking Fund Installments)
3.Debt Service Reserve Account — Amount required to meet Debt Service Reserve Requirement
4.Depreciation and Contingent Fund — (a) 1/12 of amount for depreciation reserve and improvements reserve; (b) to Depreciation and Contingent Fund Reserve Account amount equal to difference from required balance
5.Discretionary — Amounts not required for priorities 1-4, and not needed for deficiency, may be used for bond purchase/redemption, Airport purposes, or other County airports

Source Documents

Official Statements

MYR-2021-OS.pdf

Source: FAA CATS Form 5100-127, DOT T-100 Market Data, Airport Official Statements · Hub classification: FAA CY 2024 Enplanement Data · Prepared by DWU Consulting