Tampa International Airport

Ratemaking Overview

Settlement & True-Up

Settlement and true-up procedures per Article 10

Extraordinary Coverage Protection (ECP)

Not available

Landing Fee Methodology

Landing fees in tenths of cent per thousand pounds of Maximum Gross Landed Weight

Terminal Rental Rate

Airside Building rental rates per Rentable Square Foot

Common Use & Gate Allocation

Additional Bonds Test

Either (x) a statement signed by the Chief Executive Officer or Executive Vice President of Finance and Procurement that the Authority's Revenues for the last Fiscal Year preceding the issuance of such Additional Bonds for which audited statements are available (provided that the last day of the latest audited Fiscal Year falls within the 24 month period immediately preceding the issuance of such Additional Bonds) were not less than the sum of (i) all amounts required to be deposited in the Operation and Maintenance Fund, the Reserve Fund, including in each case all accounts therein, and any funds required to be set aside for the payment of subordinated indebtedness in such Fiscal Year, plus (ii) one hundred twenty-five percent (125%) of the Maximum Bond Service Requirement in any succeeding Fiscal Year on account of the Bonds of each Series then Outstanding (including the Additional Bonds proposed to be issued but excluding those Outstanding Bonds to be defeased by the issuance of such Additional Bonds); or (y) a statement of the Airport Consultant that in its opinion, the Revenues to be derived from the Airport System during the Fiscal Year in which such Additional Bonds are issued and for each Fiscal Year thereafter through the Period of Review, taking into account, among other factors, increases in rates, fees, rentals and charges, shall not be less than the sum of (i) all amounts required to be deposited into the Operation and Maintenance Fund and the Reserve Fund, including in each case all accounts therein, and any funds required to be set aside for the payment of subordinated indebtedness during the Period of Review, plus (ii) one hundred twenty-five percent (125%) of the Bond Service Requirement in each such corresponding Fiscal Year during the Period of Review. For purposes of this requirement, moneys remaining in the Surplus Fund at the end of any Fiscal Year which the Authority elects to redeposit into the Revenue Fund in the following Fiscal Year may be considered as Revenues in the Fiscal Year in which they are, or are projected to be, so redeposited; provided that without regard to the use of such funds, the Authority shall have collected, or shall be projected to collect, as the case may be, sufficient rates and charges under its Rate Covenant so that the actual or projected Revenues were, or are projected to be, at least sufficient to pay 100% of the yearly deposit requirements into the Operation and Maintenance Fund, the Sinking Fund, the Reserve Fund and subordinated indebtedness accounts, without regard to carry over amounts from the Surplus Fund. The Period of Review shall be that period beginning on the first day of the Fiscal Year of the Authority in which such Additional Bonds are issued and ending on the last day of the Fiscal Year during which either of the following two events shall occur: (i) the fifth anniversary of the date of issuance of such Additional Bonds or (ii) the third anniversary of the later to occur of the scheduled completion date of the project to be financed with proceeds of such Additional Bonds or the date on which capitalized interest with respect to such project has been exhausted, whichever date is later.

Rate Covenant

The Authority will fix, revise from time to time when necessary, maintain and collect such fees, rates, rentals and other charges for the use of the products, services and facilities of the Airport System, or concessions granted in connection therewith, that will always provide Revenues in each Fiscal Year that will be sufficient to pay, in accordance with provisions of the Trust Agreement, (i) all amounts required to be deposited in the Reserve Fund, the Operation and Maintenance Fund and the Operating Reserve Account in the Revenue Fund, including in each case all accounts therein, plus (ii) 125% of the Bond Service Requirement for such Fiscal Year. For purposes of determining compliance, the Authority may include Available PFC Revenues in an amount not to exceed 125% of the amount required to be deposited into the Interest Account, Principal Account and Redemption Account for such year on the Outstanding PFC Bonds. Moneys remaining in the Surplus Fund at the end of any Fiscal Year which the Authority elects to redeposit into the Revenue Fund in the following Fiscal Year may be considered as Revenues in the Fiscal Year in which they are so redeposited for purposes of satisfying the rate covenant. The Authority shall always establish its rates and charges so that Revenues collected in the current Fiscal Year, without regard to carry over amounts from the Surplus Fund, will be at least sufficient to pay 100% of the annual deposit requirements into the Operation and Maintenance Fund, the Sinking Fund, the Reserve Fund and subordinated indebtedness accounts.

Flow of Funds

All Revenues derived from the Airport System are deposited in the Revenue Fund established under the Trust Agreement. Moneys in the Revenue Fund are to be deposited into the following funds and accounts on the first day of each month in the following order and order of priority: (1) Operation and Maintenance Fund in an amount equal to one-twelfth (1/12th) of the amount provided in the Annual Budget for Operating Expenses; (2) Pro rata into the Interest Account and the Qualified Hedge Payment Account in the Sinking Fund in an amount necessary to make the funds on deposit therein equal to the interest component of the Accrued Aggregate Debt Service Requirement for such month with respect to Bonds; (3) Principal Account in the Sinking Fund in an amount necessary to make the funds on deposit therein equal to the scheduled principal component of Serial Bonds included within the Accrued Aggregate Debt Service Requirement for such month; (4) Deposit into the Reserve Fund and pro rata into each separate Reserve Account created therein pursuant to Supplemental Trust Agreements entered into with respect to Additional Bonds, an amount which, together with funds then deposited in the Reserve Fund and each such Reserve Account will be sufficient to make the funds on deposit in each such account equal to the Reserve Requirement for such account.