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Airport Profile

Bond TypeGARB

Key Financial Data (FY 2025)

CPE$10.29
Signatory Landing Fee$3.6800
Enplanements2,434,268
Total Operating Revenue$75.2M
Total Operating Expense$64.9M
Operating Income$10.3M
Total Debt$77.8M
Rate Covenant1.25x
Unrestricted Cash$99.4M
Landed Weight (1000 lbs)3,117,908

Enplaned Passengers (T-100)

2.1M-14.6%

Cost per Enplanement (CPE)

$10.29+12.0%

Revenue

$75.2M+11.5%

Expense

$64.9M+10.2%

Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Parity bonds permitted if either: (a) report by Independent Certified Public Accountant showing historical Net General Revenues for each of the two most recent audited Fiscal Years were equal to at least 125% of Maximum Annual Debt Service Requirement on all General Revenue Bonds Outstanding after issuance; or (b) report by Airport Consultant showing forecast Net General Revenues equal to at least 125% of Annual Debt Service Requirement during forecast period on all General Revenue Bonds Outstanding after issuance. Refunding bonds constitute parity bonds if report demonstrates refunding reduces total debt service payments on a present value basis.

Rate Covenant

Covenant Ratio1.25x

General Revenues must be fully sufficient to (i) provide for 100% of Operating Expenses and for the accumulation in the Revenue Fund of a reasonable reserve therefor, and (ii) produce Net Revenues in each Fiscal Year which will equal, for General Revenues, at least 125% of the Debt Service Requirement on all related Bonds secured by General Revenues then Outstanding for the Sinking Fund Year ending on the next July 1. Debt Service Requirement excludes amounts to the extent that PFC Revenues are available in funds under the Indenture to make payments of Revenue Obligations.

Flow of Funds

Revenue Fund application in order of priority determined by Authority (flexible priority): (a) pay Operating Expenses; (b) deposit into Sinking Fund; (c) deposit into Debt Service Reserve Account; (d) deposit into Rebate Fund; (e) pay any party to a Contract; (f) pay amounts with respect to any Other Airport Obligations; (g) transfer to Renewal and Extension Fund; (h) transfer to General Reserve Fund; (i) any other lawful purposes related to the Airport.

1.Operating Expenses — Pay Operating Expenses
2.Sinking Fund (Payments Account) — Deposit amounts required for debt service on Bonds and certain related Contracts
3.Debt Service Reserve Account — Deposit required amounts
4.Rebate Fund — Deposit amounts for arbitrage rebate payment to United States government
5.Contract Payments — Pay to any party to a Contract amounts due thereon, including additional interest, continuing commission or commitment fees, remarketing agent fees, and repayment of amounts equivalent to principal on related Bonds
6.Other Airport Obligations — Pay any amounts required to be paid with respect to any Other Airport Obligations
7.Renewal and Extension Fund — Transfer to Renewal and Extension Fund. Amounts must be used first to prevent default in payment of interest or principal of any General Revenue Bonds when due, then applied to: purposes for which Revenue Fund may be applied; pay amounts due under Hedge Agreements; pay governmental charges and assessments; make acquisitions, betterments, extensions, repairs, or replacements or other capital improvements to the Airport; acquire Senior Lien Bonds by redemption or open market purchase.
8.General Reserve Fund — Transfer to General Reserve Fund. All deposits may be used by Authority for any lawful purpose.
9.Discretionary — Any other lawful purposes related to the Airport

Source Documents

Official Statements

ORF-2021ABC-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