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Airport Profile

Bond TypeGARB
AUA StatusRate by Resolution

Key Financial Data (FY 2024)

CPE$5.25
Signatory Landing Fee$1.5100
Enplanements2,440,506
Total Operating Revenue$68.4M
Total Operating Expense$64.7M
Operating Income$3.7M
Total Debt$43.9M
Rate Covenant1.25x
Unrestricted Cash$48.9M
Landed Weight (1000 lbs)2,827,326

Enplaned Passengers (T-100)

2.0M-16.3%

Cost per Enplanement (CPE)

$5.25+11.9%

Revenue

$68.4M+10.7%

Expense

$64.7M+6.8%

Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Upon satisfaction of certain conditions, Additional Bonds may be issued on parity with existing Bonds. See Bond Resolution for complete test conditions.

Rate Covenant

Covenant Ratio1.25x

Net Revenues shall at all times not be less than the greater of (i) 1.0 times the sum of Aggregate Debt Service on Bonds plus Aggregate Debt Service on Subordinated Indebtedness plus deposits to Debt Service Reserve Subaccount, O&M Reserve Fund, and Equipment and Capital Outlay Fund, or (ii) 1.25 times Aggregate Debt Service on Bonds.

Flow of Funds

Monthly application from Revenue Fund in priority order: (1) Operation and Maintenance Fund (1/12 of budgeted O&M), (2) Bond Fund Debt Service Account (1/12 principal due next 12 months, 1/6 interest due next 6 months) and Debt Service Reserve Subaccount (to maintain required level), (3) O&M Reserve Fund (to maintain 1/12 of annual budget), (4) Equipment and Capital Outlay Fund (1/12 budgeted equipment/capital), (5) Subordinated Indebtedness Fund, (6) Surplus Fund (50% Commission Discretionary, 50% Airline Discretionary per AUA).

1.Operation and Maintenance Fund — 1/12 of budgeted O&M expenses
2.Bond Fund - Debt Service Account — 1/12 of principal due next 12 months, 1/6 of interest due next 6 months
3.Bond Fund - Debt Service Reserve Subaccount — Amount to maintain Debt Service Reserve Requirement
4.Operation and Maintenance Reserve Fund — To maintain balance equal to 1/12 of current Annual Budget
5.Equipment and Capital Outlay Fund — 1/12 of budgeted equipment purchases and capital outlays
6.Subordinated Indebtedness Fund — Monthly debt service on subordinated indebtedness
7.Surplus Fund — Remaining amounts: 50% Commission Discretionary, 50% Airline Discretionary (per AUA)

Source Documents

Official Statements

RIC-2021AB-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