PPRF Common Debt Service Reserve Fund


Jan 31, 2019

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:   $ 31,535,889     (Actual: $  31,331,196)
    Amount Under Funded:    $ 204,693
    Senior Lien Loans Outstanding:    $ 1,115,412,111
    Max Senior Lien Loan Revenue in 2020:   $ 128,774,149
    Senior Lien Bond Debt Service in 2020:   $ 118,872,962
    CDSR Fund Senior Loan Revenue Coverage:    24.5% (24.3%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.5%   (26.4%)

Common Debt Service Reserve Calculation Methodology – Senior Lien Loans Only

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 5,862,994 29,314,971 22.8%
Gross Receipt 9,134,649 45,673,244 35.5%
Total Group Two 15,083,483 75,417,418 58.6%
Group Three – 35%
Fire Protection Fund 1,489,675 4,256,215 3.3%
Special Assessment 516,536 1,475,818 1.1%
Local Special Tax 4,553,313 13,009,466 10.1%
Net System Revenues 9,892,882 28,265,378 21.9%
Appropriation Loan 0 0 0.0%
Total Group Three 16,452,406 47,006,878 36.5%
Grand Total 31,535,889 128,774,149 100%

Senior Lien Loan Revenue ($millions):

2019   $124.0
2020   $128.8 2021   $121.4 2022   $112.1
2023   $105.2 2024   $  92.7 2025   $  89.5
2026   $  82.4 2027   $  78.0 2028   $  73.6
2029   $  73.7 2030   $  54.5 2031   $  49.6
2032   $  45.4 2033   $  43.8 2034   $  38.8
2035   $  38.1 2036   $  26.5 2037   $  17.1
2038   $  12.3 2039   $    8.8 2040   $    7.6
2041   $    6.8 2042   $    3.2 2043   $    2.9
2044   $    2.9 2045   $    2.8 2046   $    2.1

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