PPRF Common Debt Service Reserve Fund


02/29/20

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:   $ 31,442,194     (Actual: $  32,699,154)
    Amount Over Funded:    $ 1,256,960
    Senior Lien Loans Outstanding:    $ 1,150,102,532
    Max Senior Lien Loan Revenue in 2021:   $ 131,217,339
    Senior Lien Bond Debt Service in 2021:   $ 117,300,076
    CDSR Fund Senior Loan Revenue Coverage:    24.0% (24.9%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.8%   (27.9%)

Common Debt Service Reserve Calculation Methodology – Senior Lien Loans Only

Amount 2021 Loan % of 2021
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
Govt Gross Receipts -0- 706,389 0.5%
State Gross Receipts -0- 5,852,588 4.5%
Total Group One -0- 6,558,977 5.0%
Group Two – 20%
Law Enforcement Fund 27,470 137,349 0.1%
Mill Levy 40,660 203,300 0.2%
General Obligation 6,745,242 33,726,208 25.7%
Gross Receipt 9,437,608 47,188,039 36.0%
Total Group Two 16,250,980 81,254,896 61.9%
Group Three – 35%
Fire Protection Fund 1,283,996 3,668,559 2.8%
Special Assessment 500,757 1,430,734 1.1%
Local Special Tax 2,833,004 8,094,298 6.2%
Net System Revenues 10,051,411 28,718,317 21.9%
Appropriation Loan 522,046 1,491,559 1.1%
Total Group Three 15,191,214 43,403,466 33.1%
Grand Total 31,442,194 131,217,339 100%

Senior Lien Loan Revenue ($millions):

2020   $129.4
2021   $131.2 2022   $120.5 2023   $110.6
2024   $  98.9 2025   $  97.4 2026   $  91.5
2027   $  87.4 2028   $  83.2 2029   $  84.0
2030   $  64.3 2031   $  58.3 2032   $  54.0
2033   $  51.3 2034   $  44.4 2035   $  41.9
2036   $  29.5 2037   $  22.4 2038   $  17.6
2039   $  14.3 2040   $  10.3 2041   $    8.6
2042   $    4.6 2043   $    4.0 2044   $    4.0
2045   $    3.1 2046   $    2.4 2047   $    0.5

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