Ratemaking Overview

Settlement & True-Up

Not available

Extraordinary Coverage Protection (ECP)

This is a rate schedule/tariff showing published compensatory rates. No ECP mechanism described.

Landing Fee Methodology

$4.70 per thousand pounds of maximum gross landed weight with $6.00 minimum per landing. All commercial aircraft subject to landing fee regardless of size. General aviation aircraft >80,000 lbs or used for commercial purposes subject to landing fee.

Terminal Rental Rate

Preferential and exclusive use space charged at $17.38/SF/month for enclosed space (holdrooms, baggage makeup, offices, ticket counters, baggage claim, under-concourse storage). Unenclosed space at $4.34/SF/month. Preferential use loading bridges at $198,751/year ($16,563/month). Preferential aircraft parking positions (PAPP) at $87,431/year ($7,286/month).

Common Use & Gate Allocation

Additional Bonds Test

Senior Obligations: (a) historical test — Net Revenues for most recent audited FY or any 12 consecutive months in last 18 months were sufficient to meet rate covenant for next 5 full FYs or next 2 full FYs without capitalized interest, whichever later, including Aggregate Adjusted Annual Debt Service on proposed bonds; OR (b) projected test — Airport Consultant certifies projected Net Revenues sufficient to meet rate covenant for next 5 full FYs or next 2 full FYs without cap int, whichever later. Historical test allows adjustments for rate increases effective prior to issuance but not in effect for entire test period. Projected test may include revenues from Capital Improvements expected to be available, approved rate increases, other reasonable assumptions. For completion bonds ≤10% of original issue, no test required if Authorized Rep or Consultant certifies nature/purpose unchanged and funds sufficient. Similar provisions for Subordinate Obligations.

Rate Covenant

The County covenants to establish rates so that (a) Net Revenues ≥ 100% of aggregate transfers required under the Indenture during each Fiscal Year; (b)(i) Net Revenues + Transfer (max 25% of Senior Accrued Debt Service) ≥ 125% of Accrued Debt Service on Senior Obligations; (b)(ii) Net Revenues + Transfer (max 10% of Senior+Subordinate Accrued Debt Service) ≥ 110% of Accrued Debt Service on Senior + Subordinate Obligations; (b)(iii) Net Revenues ≥ 100% of Accrued Debt Service on Senior + Subordinate + Junior Subordinate Obligations. Subsidies reduce both Accrued Debt Service and Net Revenues. If covenant not met, County must retain Airport Consultant to recommend rate revisions.

Flow of Funds

All Revenues deposited to Revenue Fund. Monthly, County withdraws and applies in priority order: (a) Operating Fund — Operating Expenses per Annual Budget; (b) Senior Debt Service Fund — Accrued Debt Service on Senior Bonds; Reimbursement Obligations to Credit Providers; Net Payments under Qualified Swaps relating to Senior Obligations; other Senior Obligation payments; (c) Subordinate Debt Service Fund — Accrued Debt Service on Subordinate Bonds; Reimbursement Obligations; Net Payments under Qualified Swaps relating to Subordinate Obligations; other Subordinate Obligation payments; (d) Senior Debt Service Reserve Fund — to maintain Senior Debt Service Reserve Requirement; (e) Subordinate Debt Service Reserve Fund — to maintain Subordinate Debt Service Reserve Requirement; (f) Junior Subordinate Obligations debt service and reserve; (g) Junior Obligations debt service and reserve; (h) Operating Reserve Account — to maintain requirement; (i) Renewal & Replacement Fund; (j) Capital Improvement Fund — remaining amounts. If insufficient funds, payments made pro rata within each priority level.