PPRF Common Debt Service Reserve Fund


Jul 31, 2017

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:   $ 29,023,942     (Actual: $  30,593,376)
    Amount Over Funded:    $ 1,569,434
    Senior Lien Loans Outstanding:    $ 1,071,927,182
    Max Senior Lien Loan Revenue in 2018:   $ 116,903,070
    Senior Lien Bond Debt Service in 2018:   $ 110,681,751
    CDSR Fund Senior Loan Revenue Coverage:    24.8% (26.2%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.2%   (27.6%)

Common Debt Service Reserve Calculation Methodology

Amount 2018 Loan % of 2018
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
   Govt Gross Receipts -0- 701,884 0.6%
   State Gross Receipts -0- 6,037,432 5.2%
Total Group One -0- 6,739,316 5.8%
Group Two – 20%
   Law Enforcement Fund 44,925 224,624 0.2%
   Mill Levy 53,782 268,910 0.2%
   General Obligation 4,710,304 23,551,518 20.1%
   Gross Receipt 7,902,154 39,510,770 33.8%
Total Group Two 14,314,356 68,136,367 58.3%
Group Three – 35%
   Special Assessment 664,970 1,899,913 1.6%
   Fire Protection Fund 1,603,191 4,580,545 3.9%
   Local Special Tax 4,850,417 13,858,333 11.9%
   Net System Revenues 9,194,199 26,269,141 22.5%
Total Group Three 14,709,586 42,027,387 36.0%
Grand Total 29,023,942 116,903,070 100%

Senior Lien Loan Revenue ($millions):

2018   $116.9
2019   $115.5 2020   $114.6 2021   $109.3
2022   $  99.7 2023   $  94.0 2024   $  84.9
2025   $  82.3 2026   $  73.5 2027   $  68.7
2028   $  66.0 2029   $  67.4 2030   $  48.6
2031   $  43.3 2032   $  40.9 2033   $  40.3
2034   $  37.1 2035   $  36.2 2036   $  24.6
2037   $  14.9 2038   $  11.9 2039   $    9.0
2040   $    7.7 2041   $    6.9 2042   $    3.4
2043   $    3.1 2044   $    3.1 2045   $    2.9
CONTACT

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