PPRF Common Debt Service Reserve Fund


Mar 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:   $ 26,949,956     (Actual: $  30,524,668)
    Amount Over Funded:    $ 3,574,712
    Senior Lien Loans Outstanding:    $ 1,122,200,031
    Max Senior Lien Loan Revenue in 2018:   $ 115,174,825
    Senior Lien Bond Debt Service in 2018:   $ 101,495,121
    CDSR Fund Senior Loan Revenue Coverage:    23.4% (26.5%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.6%   (30.1%)

Common Debt Service Reserve Calculation Methodology

Amount 2018 Loan % of 2018
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
   Law Enforcement Fund -0- 223,560 0.2%
   Govt Gross Receipts -0- 701,884 0.6%
   Fire Protection Fund -0- 4,546,967 3.9%
   State Gross Receipts -0- 6,037,432 5.2%
Total Group One -0- 11,509,842 10.0%
Group Two – 20%
   Mill Levy 53,782 268,910 0.2%
   General Obligation 4,596,985 22,984,924 20.0%
   Gross Receipt 7,792,950 38,964,752 33.8%
Total Group Two 12,443,717 62,218,586 54.0%
Group Three – 35%
   Special Assessment 659,631 1,884,659 1.6%
   Local Special Tax 4,648,520 13,281,485 11.5%
   Enterprise System Revenues 9,198,088 26,280,251 22.8%
Total Group Three 14,506,239 41,446,396 36.0%
Grand Total 26,949,956 115,174,825 100%

Senior Lien Loan Revenue ($millions):

2017   $106.1
2018   $115.2 2019   $113.1 2020   $112.8
2021   $108.1 2022   $  98.6 2023   $  92.9
2024   $  83.7 2025   $  81.1 2026   $  72.3
2027   $  67.4 2028   $  64.6 2029   $  65.8
2030   $  47.1 2031   $  42.2 2032   $  39.8
2033   $  39.4 2034   $  37.1 2035   $  36.1
2036   $  24.5 2037   $  14.9 2038   $  11.9
2039   $    9.0 2040   $    7.7 2041   $    6.9
2042   $    3.4 2043   $    3.1 2044   $    3.1
CONTACT

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