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 on parity with the 2025 Bonds provided: (a) an Authorized Authority Representative certifies that Net Revenues for the last audited Fiscal Year or any 12 consecutive months out of the most recent 18 months, together with amounts in the Coverage Account, were at least equal to (i) 125% of Maximum Aggregate Annual Debt Service on all Outstanding Bonds and the proposed Series, and (ii) 100% of maximum aggregate Annual Debt Service for all outstanding Subordinate Obligations; OR (b) a Consultant certifies that (i) historical Net Revenues met the 125%/100% test for the applicable period, and (ii) estimated Net Revenues for the first full Fiscal Year through the later of the fifth full Fiscal Year or third full Fiscal Year with no capitalized interest will be at least equal to 125% of Aggregate Annual Debt Service (including the proposed Series and estimated future bonds for uncompleted Airport Facilities) and 100% of Subordinate Obligations debt service. Exceptions exist for Refunding Bonds, Notes (up to 10% of Net Revenues), and Completion Bonds (up to 15% of original bond principal).

Rate Covenant

The Authority covenants that Net Revenues in each Fiscal Year, together with any amounts available in the Coverage Account, will be equal to at least (i) 125% of Annual Debt Service on the Outstanding Bonds for such Fiscal Year and (ii) 100% of the annual debt service with respect to all outstanding Subordinate Obligations. Annual Debt Service on Outstanding Bonds is reduced by the amount of principal and/or interest paid with Capitalized Interest and PFCs Available for Debt Service. The Coverage Amount means up to 25% of Annual Debt Service that may be deposited in the Coverage Account.

Flow of Funds

All Revenues are deposited to the Revenue Fund and applied in the following priority: First - Operation and Maintenance Fund (monthly deposits for budgeted O&M); Second - Debt Service Funds (monthly deposits for principal and interest on Outstanding Bonds, plus PFCs Available for Debt Service); Third - Debt Service Reserve Fund (monthly deposits to Common Debt Service Reserve Account and any Series Debt Service Reserve Accounts); Fourth - Subordinate Obligation Debt Service Funds; Fifth - Subordinate Obligation Debt Service Reserve Funds; Sixth - Operation and Maintenance Reserve Account; Seventh - Renewal and Replacement Fund; Eighth - Equipment and Capital Outlay Fund (discretionary); Ninth - Coverage Account (discretionary); Tenth - Rate Stabilization Fund (discretionary, not expected to be funded during current Airline Operating Agreements term); Eleventh - Airport System Capital Fund (discretionary, for any lawful purpose).