PPRF Common Debt Service Reserve Fund


Oct 31, 2018

Calculated on the Total PPRF Senior Lien Loan Portfolio Revenues
Based on the Year in Which the Loan Revenue Amount is Greatest
Funds are Held by Trustee as Indentured Funds


Common Debt Service Reserve Funding Calculation:   $ 31,678,413     (Actual: $  31,135,847)
    Amount Under Funded:    $ 542,566
    Senior Lien Loans Outstanding:    $ 1,121,118,419
    Max Senior Lien Loan Revenue in 2020:   $ 128,890,223
    Senior Lien Bond Debt Service in 2020:   $ 116,147,999
    CDSR Fund Senior Loan Revenue Coverage:    24.6% (24.2%)
    CDSR Fund Senior Bond Debt Service Coverage:   27.3%   (26.8%)

Common Debt Service Reserve Calculation Methodology

Amount 2020 Loan % of 2020
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
Govt Gross Receipts -0- 704,826 0.5%
State Gross Receipts -0- 5,645,027 4.4%
Total Group One -0- 6,349,853 4.9%
Group Two – 20%
Law Enforcement Fund 42,283 211,417 0.2%
Mill Levy 43,557 217,786 0.2%
General Obligation 5,708,081 28,540,406 22.1%
Gross Receipt 9,153,698 45,768,489 35.5%
Total Group Two 14,947,619 74,738,098 58.0%
Group Three – 35%
Fire Protection Fund 1,516,918 4,334,051 3.4%
Special Assessment 516,536 1,475,818 1.1%
Local Special Tax 4,628,176 13,223,361 10.3%
Net System Revenues 10,069,164 28,769,041 22.3%
Appropriation Loan 0 0 0.0%
Total Group Three 16,730,794 47,802,272 37.1%
Grand Total 31,678,413 128,890,223 100%

Senior Lien Loan Revenue ($millions):

2019   $125.5
2020   $128.9 2021   $121.4 2022   $112.4
2023   $105.4 2024   $  93.0 2025   $  89.8
2026   $  82.7 2027   $  78.3 2028   $  73.9
2029   $  73.8 2030   $  54.6 2031   $  49.7
2032   $  45.7 2033   $  44.3 2034   $  39.3
2035   $  38.6 2036   $  27.0 2037   $  17.6
2038   $  12.8 2039   $    9.3 2040   $    8.0
2041   $    7.1 2042   $    3.5 2043   $    3.2
2044   $    3.2 2045   $    3.1 2046   $    2.4

CDSR Calculation – June 30, 2018
CDSR Calculation – June 30, 2017
CDSR Calculation – June 30, 2016
CDSR Calculation – June 30, 2015

CONTACT

Direct Comments, Requests or Questions to:
Michael Zavelle, Chief Financial Strategist NMFA, 505-992-9639, EMAIL