PPRF Common Debt Service Reserve Fund


Aug 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:   $ 31,753,713     (Actual: $  32,376,680)
    Amount Over Funded:    $ 622,967
    Senior Lien Loans Outstanding:    $ 1,104,791,685
    Max Senior Lien Loan Revenue in 2020:   $ 130,153,906
    Senior Lien Bond Debt Service in 2020:   $ 121,176,872
    CDSR Fund Senior Loan Revenue Coverage:    24.4% (24.9%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.2%   (26.7%)

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- 6,072,565 4.7%
Total Group One -0- 6,777,391 5.2%
Group Two – 20%
Law Enforcement Fund 42,283 211,417 0.2%
Mill Levy 43,557 217,786 0.2%
General Obligation 5,894,668 29,473,339 22.6%
Gross Receipt 9,256,916 46,284,578 35.6%
Total Group Two 15,237,424 76,187,120 58.5%
Group Three – 35%
Fire Protection Fund 1,475,203 4,214,865 3.2%
Special Assessment 515,773 1,473,638 1.1%
Local Special Tax 3,238,879 9,253,939 7.1%
Net System Revenues 10,477,046 29,934,416 23.0%
Appropriation Loan 809,388 2,312,537 1.8%
Total Group Three 16,516,289 47,189,395 36.3%
Grand Total 31,753,713 130,153,906 100%

Senior Lien Loan Revenue ($millions):

2020   $130.2
2021   $126.8 2022   $116.4 2023   $109.4
2024   $  97.7 2025   $  94.7 2026   $  88.2
2027   $  83.9 2028   $  79.9 2029   $  80.1
2030   $  61.0 2031   $  55.8 2032   $  51.6
2033   $  48.9 2034   $  42.0 2035   $  39.3
2036   $  27.7 2037   $  20.6 2038   $  15.9
2039   $  12.3 2040   $    8.6 2041   $    7.3
2042   $    3.7 2043   $    3.2 2044   $    3.1
2045   $    2.8 2046   $    2.1 2047   $    0.1

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