PPRF Common Debt Service Reserve Fund


Jul 31, 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:   $ 31,287,502     (Actual: $  30,984,589)
    Amount Under Funded:    $ 302,913
    Senior Lien Loans Outstanding:    $ 1,095,449,926
    Max Senior Lien Loan Revenue in 2020:   $ 126,599,553
    Senior Lien Bond Debt Service in 2020:   $ 116,147,999
    CDSR Fund Senior Loan Revenue Coverage:    24.7% (24.5%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.9%   (26.7%)

Common Debt Service Reserve Calculation Methodology

Amount 2020 Loan % of 2020
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
Govt Gross Receipts -0- 704,826 0.6%
State Gross Receipts -0- 5,645,027 4.5%
Total Group One -0- 6,349,853 5.0%
Group Two – 20%
Law Enforcement Fund 42,283 211,417 0.2%
Mill Levy 43,557 217,786 0.2%
General Obligation 5,269,008 26,345,040 20.8%
Gross Receipt 9,045,008 45,225,038 35.7%
Total Group Two 14,399,856 71,999,282 56.9%
Group Three – 35%
Fire Protection Fund 1,467,072 4,191,635 3.3%
Special Assessment 696,532 1,990,092 1.6%
Local Special Tax 4,644,680 13,270,513 10.5%
Net System Revenues 10,079,362 28,798,178 22.7%
Appropriation Loan 0 0 0.0%
Total Group Three 16,887,646 48,250,419 38.1%
Grand Total 31,287,502 126,599,553 100%

Senior Lien Loan Revenue ($millions):

2019   $126.0
2020   $126.6 2021   $119.9 2022   $109.9
2023   $102.7 2024   $  90.0 2025   $  86.8
2026   $  79.6 2027   $  75.3 2028   $  72.2
2029   $  72.2 2030   $  53.1 2031   $  48.1
2032   $  44.8 2033   $  43.9 2034   $  39.0
2035   $  38.4 2036   $  26.8 2037   $  17.4
2038   $  12.6 2039   $    9.1 2040   $    7.8
2041   $    7.0 2042   $    3.4 2043   $    3.2
2044   $    3.2 2045   $    3.0 2046   $    2.4

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