PPRF Common Debt Service Reserve


Jun 30, 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:   $ 29,042,281     (Actual: $  30,593,376)
    Amount Over Funded:    $ 1,551,095
    Senior Lien Loans Outstanding:    $ 1,071,609,786
    Max Senior Lien Loan Revenue in 2018:   $ 117,014,021
    Senior Lien Bond Debt Service in 2018:   $ 110,681,751
    CDSR Fund Senior Loan Revenue Coverage:    24.8% (26.1%)
    CDSR Fund Senior Bond Debt Service Coverage:   26.2%   (27.6%)

Common Debt Service Reserve Calculation Methodology

Amount 2018 Loan % of 2018
Risk Group Reserved Revenue Loan Revenue
Group One – 0%
   Govt Gross Receipts -0- 701,884 0.6%
   State Gross Receipts -0- 6,037,432 5.2%
Total Group One -0- 6,739,316 5.8%
Group Two – 20%
   Law Enforcement Fund 44,925 224,624 0.2%
   Mill Levy 53,782 268,910 0.2%
   General Obligation 4,710,267 23,551,337 20.1%
   Gross Receipt 7,929,513 39,647,567 33.9%
Total Group Two 14,332,695 68,247,318 58.3%
Group Three – 35%
   Special Assessment 664,970 1,899,913 1.6%
   Fire Protection Fund 1,594,208 4,554,880 3.9%
   Local Special Tax 4,850,417 13,858,333 11.8%
   Net System Revenues 9,194,199 26,269,141 22.4%
Total Group Three 14,709,586 42,027,387 35.9%
Grand Total 29,042,281 117,014,021 100%

Senior Lien Loan Revenue ($millions):

2017   $110.3
2018   $117.0 2019   $115.3 2020   $114.6
2021   $109.3 2022   $  99.7 2023   $  94.0
2024   $  84.9 2025   $  82.3 2026   $  73.5
2027   $  68.7 2028   $  66.0 2029   $  67.5
2030   $  48.7 2031   $  43.3 2032   $  40.9
2033   $  40.3 2034   $  37.1 2035   $  36.2
2036   $  24.6 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