Philadelphia International Airport

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

Additional Bonds may be issued to pay costs of Projects, reimburse prior payments, fund outstanding obligations, refund prior bonds, or finance other Airport System costs. Requirements include: (i) for either the immediately preceding Fiscal Year or any 12 consecutive months during the 18-month period preceding Consultant reports, the Airport System yielded pledged Amounts Available for Debt Service sufficient to satisfy the Rate Covenant; (ii) the Airport System will, in the Consultant's opinion, yield pledged Amounts Available for Debt Service for each of the five Fiscal Years (or three if Consultant unable to opine beyond three) following bond issuance, sufficient to comply with Rate Covenant; and (iii) statement that Airport System is in good operating condition or adequate steps being taken to return to good operating condition. For refunding bonds, no consultant report required if City certifies Debt Service Requirements on refunding bonds do not exceed Debt Service Requirements on refunded bonds in any year.

Rate Covenant

The City covenants to impose, charge and recognize as revenues such rentals, charges and fees as shall, together with Aviation Operating Fund balance attributable to Amounts Available for Debt Service and all other Amounts Available for Debt Service, be equal to not less than the greater of: (a) sum of: (i) all Net Operating Expenses payable during Fiscal Year; (ii) 150% of Debt Service Requirements during Fiscal Year; (iii) amount required for Sinking Fund Reserve Account; and (iv) amount required for Renewal Fund; or (b) sum of: (i) all Operating Expenses payable during Fiscal Year, and (ii) all Debt Service Requirements, all General Obligation Bond debt service, all Subordinate Obligations debt service, loan repayments, Sinking Fund Reserve and Renewal Fund amounts, and Exchange Agreement amounts.

Flow of Funds

Project Revenues and other amounts deposited into Aviation Funds. Aviation Operating Fund applied in order: (a) Net Operating Expenses; (b) Sinking Fund for Debt Service Requirements; (c) Sinking Fund Reserve Account deficiencies; (d) Renewal Fund deficiencies and Exchange Agreement payments; (e) Qualified Swap termination payments; (f) Subordinate Obligation Fund; (g) General Obligation Bonds (none outstanding); (h) Interdepartment Charges; (i) NSS General Obligation Bonds (none outstanding). Remaining amounts may be used at City direction for Airport System purposes, including: (j) Bond Redemption and Improvement Account; (k) O&M Account; (l) Airline Revenue Allocation; (m) Discretionary Account.