Credit Enhancement of PPRF Bonds


Public Project Revolving Fund (PPRF)

 

PPRF Bonds – Credit Enhancement – as of March 31, 2014

 

PPRF Bonds Outstanding PPRF Loans Outstanding
$1,105,990,,000 $1,256,661,945
31 Bonds 670 Loans
PPRF 2014 Bond Debt Service PPRF 2015 Loan Revenue
Maximum Debt Service Year is 2015 Paid to NMFA Monthly
$124,639,778 $142,115,453
$17,475,675 Difference
Common Debt Service Individual Loan
Reserve Fund – Senior Lien Debt Service Reserves
$30,213,800 $44,670,273
32.3% of Senior Lien Debt Service $20,541,645
2014 Max Debt Service Year Without an Intercept
Contingent Liquidity Account – Intercepts – NMFA First in
Not Indentured Line for Tax Receipts
$26,444,000 (June 30, 2013) $66,745,428
20.5% of Annual Debt Service of Loan Revenue
2014 Max Debt Service Year Interceptable in 2014
By Policy, GGRT is Not Used
Core Credit Enhancements for Debt Service but Can Be
~ $161,420,548 ~ $27,000,000/year
vs. $124,639,778 75% of New Mexico’s GGRT
of Max Debt Service > 100% is Legislatively Committed
PPRF Bond Debt Service 2014 – 2042 PPRF Loan Revenue 2014 – 2042
$1,579,162,763 $1,769,075,252

 
To Credit Enhancement Page of January 31, 2014
 

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