Ratemaking Overview

Settlement & True-Up

Not available

Landing Fee Methodology

Not available

Terminal Rental Rate

Not available

Common Use & Gate Allocation

Additional Bonds Test

Two-part test: (a) Historical test - Net Revenues for any 12 consecutive months out of most recent 18 months preceding issuance must be at least 125% of Maximum Aggregate Annual Debt Service for all Outstanding Bonds, Unissued Program Bonds, and proposed Bonds; OR (b) (i) Historical Net Revenues for last audited fiscal year or any 12 consecutive months out of most recent 18 months must be at least 125% of Aggregate Annual Debt Service for Outstanding Bonds (excluding proposed Bonds), AND (ii) Projected Net Revenues for period from first full fiscal year following issuance through later of fifth full fiscal year or third full fiscal year with no capitalized interest must be at least 125% of Aggregate Annual Debt Service for all Outstanding Bonds, Unissued Program Bonds, and proposed Bonds. Consultant may adjust projected Revenues for approved rate increases and new Projects but not speculative growth. Subject to $200,000,000 statutory cap.

Rate Covenant

Net Revenues (Revenues minus Maintenance and Operation Costs), together with any Transfer (not to exceed 25% of Annual Debt Service), shall be at least 125% of Annual Debt Service on Outstanding Bonds. Revenues include all income from Airport operations (landing fees, terminal rents, concessions, parking, rental cars, etc.) and Available PFC Revenues for PFC Bonds. Maintenance and Operation Costs exclude depreciation, debt service, and amortization. Annual Debt Service means principal, interest, and sinking fund installments required to be funded.

Flow of Funds

All Revenues deposited to Revenue Fund maintained by Authority Treasurer. Application priority: (1) Maintenance and Operations Costs and Trustee fees; (2) Debt Service Fund deposits for principal, interest, and sinking fund installments; (3) Reserve Fund to maintain Reserve Requirement; (4) Subordinate Obligation Debt Service Fund; (5) Subordinate Obligation Reserve Fund; (6) Arbitrage Rebate Fund; (7) Maintenance and Operating Reserve Fund. Remaining funds stay in Revenue Fund for any lawful purpose. Special PFC flow: Available PFC Revenues deposited directly to separate sub-accounts in Debt Service Fund and Reserve Fund for PFC Bonds, then Arbitrage Rebate Fund, then returned to PFC Revenue Fund.