Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

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Terminal Rental Rate

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Common Use & Gate Allocation

Additional Bonds Test

For additional Bonds (other than refunding Bonds): Authority must be in compliance with Rate Covenant (or taking remedial actions), and either (a) Consultant certifies projected Net Revenues will satisfy Rate Covenant for next 5 Fiscal Years or through 2 full Fiscal Years after Project completion, whichever is later (extending test if Capitalized Interest applies in last year), or (b) Authorized Authority Representative certifies Net Revenues for most recent Fiscal Year were at least 125% of Maximum Aggregate Annual Debt Service on all Bonds after issuance. For refunding Bonds: either meet above test or demonstrate Aggregate Annual Debt Service in each Fiscal Year will be lower after refunding. Proposed Amendment (effective upon execution after 2010 Bonds issuance) restates refunding test: either meet above test or Aggregate Annual Debt Service in each Fiscal Year after refunding shall not exceed 110% of Aggregate Annual Debt Service prior to refunding.

Rate Covenant

Net Revenues in each Fiscal Year must be at least equal to (a) debt service on all Bonds, (b) required deposits to any Debt Service Reserve Fund, (c) reimbursement owed to any issuer of a credit facility or standby purchase agreement, and (d) debt service and required reserve fund payments on any Subordinated Obligations. Additionally, Net Revenues together with any Transfer must equal at least 125% of Aggregate Annual Debt Service on Outstanding Bonds. Transfer may not exceed 25% of Aggregate Annual Debt Service. PFCs that are irrevocably committed or held by the Trustee and set aside to pay debt service are excluded from Aggregate Annual Debt Service calculation for Rate Covenant purposes through March 31, 2016.

Flow of Funds

Revenues deposited to Revenue Fund. PFCs deposited to PFC Revenue Fund (up to irrevocably committed amounts through 3/31/2016). From Revenue Fund, application priority: (1) Maintenance and Operation Expenses, (2) Debt Service Funds (net of PFC transfers), (3) Debt Service Reserve Funds, (4) Subordinated Obligation Debt Service Funds, (5) Subordinated Obligation Debt Service Reserve Funds, (6) capital improvements (if does not impair ability to make payments). Amounts remaining at Fiscal Year end may be credited to Surplus Fund if no Event of Default, no deficiency in funds, and certified amount will not adversely affect following year's obligations. Surplus Fund amounts no longer subject to pledge. Authority may transfer up to 25% of Aggregate Annual Debt Service from Surplus Fund to Revenue Fund for coverage purposes.