PPRF Common Debt Service Reserve Fund


May 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:   $ 27,353,716     (Actual: $  30,567,000)
    Amount Over Funded:    $ 3,213,284
    Senior Lien Loans Outstanding:    $ 1,135,002,382
    Max Senior Lien Loan Revenue in 2018:   $ 116,578,425
    Senior Lien Bond Debt Service in 2018:   $ 101,495,121
    CDSR Fund Senior Loan Revenue Coverage:    23.5% (26.2%)
    CDSR Fund Senior Bond Debt Service Coverage:   27.0%   (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- 4,549,464 3.9%
   State Gross Receipts -0- 6,037,432 5.2%
Total Group One -0- 11,512,339 9.9%
Group Two – 20%
   Mill Levy 53,782 268,910 0.2%
   General Obligation 4,710,121 23,550,603 20.2%
   Gross Receipt 7,795,316 38,976,580 33.4%
Total Group Two 12,559,219 62,796,093 53.9%
Group Three – 35%
   Special Assessment 659,631 1,884,659 1.6%
   Local Special Tax 4,867,990 13,908,544 11.9%
   Enterprise System Revenues 9,266,876 26,476,790 22.7%
Total Group Three 14,794,497 42,269,993 36.3%
Grand Total 27,353,716 116,578,425 100%

Senior Lien Loan Revenue ($millions):

2017   $106.1
2018   $116.6 2019   $114.2 2020   $113.9
2021   $109.2 2022   $  99.6 2023   $  93.9
2024   $  84.7 2025   $  81.9 2026   $  73.1
2027   $  68.2 2028   $  65.4 2029   $  66.7
2030   $  47.9 2031   $  43.0 2032   $  40.6
2033   $  40.0 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