Credit Enhancement of PPRF Bonds


Public Project Revolving Fund (PPRF)

 

PPRF Bonds – Credit Enhancement

 

As of 05/31/20 As of 05/31/20
PPRF Bonds Outstanding PPRF Loans Outstanding
$1,305,665,000 $1,644,999,377
41 Bonds 953 Loans
PPRF 2021 Bond Debt Service PPRF 2021 Loan Revenue
Paid to Investors Semi-Annually Paid to NMFA Monthly
$172,346,425* $186,785,307
Senior = $118,760,952   Sub = $53,585,473 $14,438,882 Difference
Common Debt Service Individual Loan
Reserve Fund – Senior Lien Debt Service Reserves
$32,947,241 $66,452,878
27.7% of Senior Lien Debt Service $40,902,405
2021 Debt Service Year Without an Intercept
Supplemental Credit Reserve Fund Intercepts – NMFA First in
Subordinate Lien Line for Tax Receipts
$32,947,800 $117,236,660
61.5% of Subordinate Annual Debt Service of Loan Revenue
2021 Debt Service Year Interceptable in 2021
GGRT is Not Used
Core Credit Enhancements for Debt Service but Can Be
~ $238,472,988 $34,000,000/year
vs. $172,346,425 75% of New Mexico GGRT
of 2021 Debt Service > 100% is Committed by Statute
PPRF Bond Debt Service 2021 – 2051 PPRF Loan Revenue 2021 – 2051
$1,766,779,358 $2,095,135,194
Bonds are Fixed Rate with 10-Year Calls $ 328,355,836 Difference

* Includes interest adjustments due to refunding of ($0) and ($0) Bonds

To Credit Enhancement Page of June 30, 2019
To Credit Enhancement Page of June 30, 2018
To Credit Enhancement Page of June 30, 2017
To Credit Enhancement Page of June 30, 2016

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