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) No default on any Bond; all mandatory redemptions made; all City payments made. (B) Accountant or Airport Consultant certifies: Historical test - Net Revenues plus Dedicated Revenues for any 12 consecutive months out of 18 months preceding issuance equal at least 125% of Debt Service on all Outstanding Bonds plus new Additional Bonds; OR Projected test - Net Revenues plus Dedicated Revenues estimated for each of (i) five Fiscal Years following issuance or (ii) three Fiscal Years following substantial project completion (whichever later) equals at least 125% of Debt Service on all Outstanding Bonds including Additional Bonds. Prior year Net Revenues on deposit in Airport Improvement Fund may be treated as current period revenues.

Rate Covenant

Gross Revenues plus Dedicated Revenues must equal at least (a) 125% of Debt Service due during Fiscal Year; (b) estimated and budgeted Operating Expenses during Fiscal Year; and (c) aggregate deficiencies in any fund or account. Airport Trustees must engage Airport Consultant if covenant not met. Not deemed default unless covenant not met in second full Fiscal Year after consultant engagement.

Flow of Funds

Gross Revenues deposited into funds with priority: (1) Operating Expenses, (2) Debt Service (Principal and Interest), (3) Debt Service Reserve Fund (maintain required level), (4) Coverage/Surplus (rolling coverage), (5) Renewal & Replacement, (6) Discretionary use per grant assurances.