PPRF Common Debt Service Reserve


Jun 30, 2016

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:   $ 23,062,327     (Actual: $ 30,418,375)
    Senior Lien Loans Outstanding: $ 923,554,635
    Max Senior Lien Loan Revenue in 2017:   $ 99,501,152
    Senior Lien Bond Debt Service in 2017:   $ 87,582,604
    CDSR Fund Senior Loan Revenue Coverage:    23.2% (30.6%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.3%   (34.7%)

Common Debt Service Reserve Calculation Methodology

Amount 2017 Loan % of 2017
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
Fire Protection Fund -0- 4,167,580 4.2%
Law Enforcement Fund -0- 257,776 0.3%
Govt Gross Receipts -0- 1,843,789 1.9%
State Gross Receipts -0- 6,231,461 6.3
Total Group One -0- 12,500,606 12.6%
Group Two – 20%
General Obligation 3,611,457 18,057,286 18.2%
Gross Receipt 6,186,369 30,931,845 31.1%
Mill Levy 52,660 263,298 0.3%
Total Group Two 9,850,486 49,252,430 49.5%
Group Three – 35%
Net System Revenues 8,585,846 24,530,989 24.7%
Special Assessment 848,662 2,424,749 2.5%
Local Special Tax 3,777,333 10,792,379 10.9%
Total Group Three 13,211,841 37,748,116 37.9%
Grand Total 23,062,327 99,501,152 100%

Senior Lien Loan Revenue ($millions):

2016   $  98.3
2017   $  99.5 2018   $  96.8 2019   $  91.5
2020   $  89.4 2021   $  83.7 2022   $  78.2
2023   $  78.4 2024   $  71.3 2025   $  68.6
2026   $  59.8 2027   $  54.1 2028   $  54.2
2029   $  56.1 2030   $  38.3 2031   $  34.1
2032   $  31.9 2033   $  32.1 2034   $  29.2
2035   $  29.7 2036   $  18.6 2037   $    9.0
2038   $    8.2 2039   $    4.2 2040   $    3.7
2041   $    3.3 2042   $    3.1 2043   $    2.9
CONTACT

Direct Comments, Requests or Questions to:
Michael Zavelle, Chief Financial Strategist NMFA, 505-992-9639, EMAIL