PPRF Common Debt Service Reserve Fund


Feb 28, 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:   $ 29,812,751     (Actual: $  30,780,951)
    Amount Over Funded:    $ 968,200
    Senior Lien Loans Outstanding:    $ 1,124,770,658
    Max Senior Lien Loan Revenue in 2019:   $ 120,798,632
    Senior Lien Bond Debt Service in 2019:   $ 112,139,821
    CDSR Fund Senior Loan Revenue Coverage:    24.7% (25.5%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.6%   (27.4%)

Common Debt Service Reserve Calculation Methodology

Amount 2019 Loan % of 2019
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
Govt Gross Receipts -0- 703,325 0.6%
State Gross Receipts -0- 6,039,650 5.0%
Total Group One -0- 6,742,975 5.6%
Group Two – 20%
Law Enforcement Fund 45,423 227,117 0.2%
Mill Levy 53,808 269,038 0.2%
General Obligation 5,128,609 25,643,047 21.2%
Gross Receipt 8,247,796 41,238,980 34.1%
Total Group Two 13,475,636 67,378,182 55.8%
Group Three – 35%
Fire Protection Fund 1,596,210 4,560,599 3.8%
Special Assessment 637,932 1,822,664 1.5%
Local Special Tax 4,192,906 11,979,732 9.9%
Net System Revenues 9,910,067 28,314,478 23.4%
Appropriation Loan 0 0 0.0%
Total Group Three 16,337,115 46,677,474 38.6%
Grand Total 29,812,751 120,798,632 100%

Senior Lien Loan Revenue ($millions):

2018   $116.7
2019   $120.8 2020   $118.8 2021   $113.2
2022   $103.2 2023   $  95.9 2024   $  86.5
2025   $  84.3 2026   $  77.3 2027   $  73.2
2028   $  69.8 2029   $  68.8 2030   $  50.4
2031   $  44.9 2032   $  42.3 2033   $  41.6
2034   $  37.3 2035   $  37.0 2036   $  25.5
2037   $  15.8 2038   $  12.4 2039   $    9.0
2040   $    7.7 2041   $    7.0 2042   $    3.4
2043   $    3.1 2044   $    3.1 2045   $    3.0
CONTACT

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