PPRF Common Debt Service Reserve Fund


Nov 30, 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:   $ 28,462,023     (Actual: $  30,704,669)
    Amount Over Funded:    $ 2,242,646
    Senior Lien Loans Outstanding:    $ 1,121,933,846
    Max Senior Lien Loan Revenue in 2019:   $ 121,596,535
    Senior Lien Bond Debt Service in 2019:   $ 112,139,821
    CDSR Fund Senior Loan Revenue Coverage:    23.4% (25.3%)
    CDSR Fund Senior Bond Debt Service Coverage:   25.4%   (27.4%)

Common Debt Service Reserve Calculation Methodology

Amount 2019 Loan % of 2019
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
   Law Enforcement Fund -0- 227,117 0.2%
   Govt Gross Receipts -0- 703,325 0.6%
   Fire Protection Fund -0- 4,452,709 3.7%
   State Gross Receipts -0- 6,039,650 5.0%
Total Group One -0- 11,422,801 9.4%
Group Two – 20%
   Mill Levy 53,808 269,038 0.2%
   General Obligation 5,128,048 25,640,241 21.1%
   Gross Receipt 8,283,188 41,415,942 34.1%
Total Group Two 13,465,044 67,325,221 55.4%
Group Three – 35%
   Special Assessment 773,006 2,208,589 1.8%
   Local Special Tax 4,193,832 11,982,377 9.9%
   Enterprise System Revenues 10,030,141 28,657,547 23.6%
Total Group Three 14,996,979 42,848,513 35.2%
Grand Total 28,462,023 121,596,535 100%

Senior Lien Loan Revenue ($millions):

2018   $117.2
2019   $121.6 2020   $119.8 2021   $114.2
2022   $104.5 2023   $  97.7 2024   $  88.3
2025   $  85.7 2026   $  76.6 2027   $  72.5
2028   $  69.1 2029   $  69.4 2030   $  51.0
2031   $  45.5 2032   $  42.9 2033   $  42.3
2034   $  38.0 2035   $  37.0 2036   $  25.4
2037   $  15.7 2038   $  12.3 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