Official Statement Airport Commission City and County of San ...

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Airport Security In the immediate aftermath of September 11, 2001, the FAA mandated stringent new safety and security requirements, which have been implemented by the Commission and the airlines serving the Airport. In addition, Congress passed the Aviation and Transportation Security Act (the “Aviation Act”), which imposed additional safety and security measures. Certain safety and security functions at the Airport were assumed by the TSA, which was established by the Aviation Act. Among other things, the Aviation Act required that (i) as of January 18, 2002, explosive detection screening be conducted for all checked baggage; (ii) all individuals, goods, property, vehicles and other equipment entering secured areas of airports be screened; (iii) security screeners be federal employees, United States citizens and satisfy other specified requirements; and (iv) that vehicles be parked at least 300 feet from airport terminals. The Commission, the TSA and the airlines satisfied all of these requirements. The Airport installed in the ITC and in Terminals 1 and 3, 45 TSA certified, three dimensional, GE CTX 9000 explosive detection baggage screening machines to provide for 100% in-line checked baggage screening, as mandated by the Aviation Act. The cost of acquisition and installation of the 45 machines was paid for by the TSA and FAA. In spring 2007, four GE CTX 9000 explosive detection baggage screening machines that provided redundant screening capability were removed from the Terminal Complex and three of these machines were installed as part of a cargo screening pilot program. The pilot program was completed in April 2008 and these machines were returned to the TSA. The fourth explosive detection baggage screening machine was allocated by the TSA for installation within a new Southwest Airlines stand-alone baggage screening system being installed in Terminal 1. No machines will be installed in Terminal 2 until spring 2011 when Terminal 2 is expected to be reopened for passenger traffic. See also “–Current Airport Facilities–Terminals–Other Airport Terminals.” The Airport may undertake a number of other required security related capital projects, a portion of the costs of which are expected to be funded by federal grants. The TSA operates nine separate security checkpoints containing 39 security lanes with employees of a private security firm, Covenant Aviation Security. The Airport is one of six airports in the nation in which the TSA operates security through their private partnership program. The employees of the private security firm undergo the same training and are under the same TSA management as federal-employed security operating at other United States airports. This private partnership program at the Airport has been in operation since 2002. TSA management utilizes staffing models and closed circuit images to monitor demand checkpoints to quickly accommodate increases in passenger flow. The Airport is one of 19 domestic airports in the nation where the whole-body electromagnetic imaging screening machines are being used by the TSA, although, under certain circumstances, passengers may still opt to be screened through the current metal detector system. The costs of acquisition and installation of the whole-body imaging machines at the Airport was paid for by the TSA. On August 24, 2009, the Global Entry initiative, a U.S. Customs and Border Protection (CBP) pilot program that streamlines the arrival screening process at airports for trusted travelers through biometric identification, was extended to the Airport and 12 other airports. Global Entry enrollment centers and kiosks at the Airport allow pre-approved members an alternative to regular passport processing lines. At the kiosk, Global Entry members insert their passport or lawful permanent resident card into a document reader, provide digital fingerprints for comparison with fingerprints on file, answer customs declaration questions on the kiosk’s touch-screen, and then present a transaction receipt to CBP officers before leaving the inspection area. Airline Service General For Fiscal Year 2009-10 the Airport is served by 46 passenger and six cargo only airlines. Domestic passenger air carriers provide scheduled non-stop service to 70 destinations and scheduled one-stop service to an additional 26 destinations within the United States. Twenty-seven passenger airlines provide nonstop scheduled passenger service to 29 international airport destinations and one-stop service to an additional 13 international destinations. 42
During Fiscal Year 2008-09, the Airport was served by 49 passenger and 10 cargo only airlines. Domestic passenger air carriers provided scheduled non-stop service to 73 airport destinations and scheduled one-stop service to an additional 34 destinations within the United States. Twenty-eight passenger airlines provided nonstop scheduled passenger service to over 30 international airport destinations and one-stop service to an additional 22 international destinations. During Fiscal Year 2008-09, United Airlines (including SkyWest Airlines/United Express) handled 40.6% of the total enplaned passengers at the Airport (a decrease in market share of 3.1 percentage points compared to Fiscal Year 2007-08), American Airlines (including American Eagle Airlines) handled 9.2%; and Delta Air Lines (including SkyWest Airlines, Express Jet Airlines and Mesaba Airlines) handled 4.9%. The domestic enplanements of United Airlines (including SkyWest Airlines/United Express) during Fiscal Year 2008-09 decreased by 7.1% while its international enplanements (including SkyWest Airlines/United Airlines) decreased by 11.0% compared to Fiscal Year 2007-08. During Fiscal Year 2008-09, United Airlines handled 36.0% of the international enplaned passengers, Air Canada handled 6.5%, Cathay Pacific Airlines handled 5.3%, Lufthansa Airlines handled 4.9% and British Airways handled 4.8%. Although United Airlines (including SkyWest Airlines/United Airlines) handled 40.6% of the Airport’s total enplanements during Fiscal Year 2008-09, audited results for Fiscal Year 2008-09 indicated that payments by United Airlines accounted for approximately 23% of the Airport’s operating revenues and approximately 20% of total revenues. See “AIRPORT’S FINANCIAL AND RELATED INFORMATION–Principal Revenue Sources.” Low Cost and Low Fare Carriers For Fiscal Year 2009-10, six airlines at the Airport offered low-cost carrier service: � AirTran Airways � Frontier Airlines (which filed for Chapter 11 bankruptcy protection on April 10, 2008 and continues operations at the Airport). On October 1, 2009 Republic Airways Holdings, Inc. completed its acquisition of Frontier Airlines Holdings pursuant to an auction process in the Frontier Airlines bankruptcy case. Republic announced it will continue to operate the Frontier brand as a wholly-owned subsidiary. � jetBlue Airways � Southwest Airlines � Sun Country Airlines � Virgin America Airlines During Fiscal Year 2008-09, approximately 21.5% of total domestic enplanements at the Airport were provided by low-cost carriers, compared to 83.6% of the domestic enplanements at Oakland International Airport and 54.0% of the domestic enplanements at San Jose International Airport. During Fiscal Year 2008-09, the lowcost carriers represented an aggregate of 16.5% of total enplanements at the Airport. New Service The following is a description of new service that has or is expected to commence in Fiscal Year 2009-10. � In July 2009, AeroMexico launched five weekly non-stop seasonal flights from the Airport to Hermosillo, Mexico; and Virgin America through September 2009, added a third daily flight to Boston, Massachusetts. � Southwest Airlines announced the addition of a sixth daily flight between the Airport and Orange County, California. 43
Page 1: SAN FRANCISCO INTERNATIONAL AIRPORT
Page 4 and 5: 2010A BONDS MATURITY SCHEDULE The i
Page 6 and 7: Information Provided by the Commiss
Page 8 and 9: Page Page VERIFICATION OF MATHEMATI
Page 10 and 11: The 2010A Bonds will be secured by
Page 12 and 13: Maturity Date (May 1) 2011 2012 201
Page 14 and 15: Interest on the 2010A Bonds will be
Page 16 and 17: Mandatory Sinking Fund Redemption T
Page 18 and 19: Redemption of Credit Provider Bonds
Page 20 and 21: SPECIAL CONSIDERATIONS RELATING TO
Page 22 and 23: “Operation and Maintenance Expens
Page 24 and 25: Fifth, to pay for necessary reconst
Page 26 and 27: Letter of Credit Upon the delivery
Page 28 and 29: Pooled Reserve Account The 1991 Mas
Page 30 and 31: No Acceleration The Bonds are not s
Page 32 and 33: LETTER OF CREDIT AND REIMBURSEMENT
Page 34 and 35: appealable judgment, to be null and
Page 36 and 37: In addition to revenues received fr
Page 38 and 39: In addition to these regulatory act
Page 40 and 41: Each of Moody’s, Standard & Poor
Page 42 and 43: Initiative, Referendum and Charter
Page 44 and 45: Jackson J. Wong was appointed Chief
Page 46 and 47: that supports all airlines in the I
Page 48 and 49: from $1.50 to $4.00. The Airport is
Page 52 and 53: � United Airlines commenced daily
Page 54 and 55: The following table lists the air c
Page 56 and 57: During Fiscal Year 2008-09 approxim
Page 58 and 59: Domestic Enplanements. During Fisca
Page 60 and 61: International Enplanements. Interna
Page 62 and 63: Cargo Traffic and Landed Weight Car
Page 64 and 65: TOTAL LANDED WEIGHT BY AIRLINE †
Page 66 and 67: Settlement Agreement Under the Sett
Page 68 and 69: Expiration of the Settlement Agreem
Page 70 and 71: the beneficiaries (the people of th
Page 72 and 73: Hazardous Material Management Envir
Page 74 and 75: SUMMARY OF AIRPORT FINANCIAL RESULT
Page 76 and 77: Aviation Market Stimulus Program In
Page 78 and 79: On November 21, 2006, Travelex, the
Page 80 and 81: PRINCIPAL AIRPORT CONCESSIONAIRES
Page 82 and 83: Off-Airport Parking Facilities Seve
Page 84 and 85: INTEREST RATE SWAP POLICY MAXIMUM N
Page 86 and 87: The table below summarizes the inte
Page 88 and 89: SUMMARY OF PAYMENTS MADE BY THE AIR
Page 90 and 91: Voter Approved Changes to the Retir
Page 92 and 93: A decline in the actuarial value of
Page 94 and 95: Postemployment Health Care Benefits
Page 96 and 97: Under the Treasurer’s current inv
Page 98 and 99: Debt Service Requirements The follo
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Current and Future Financings Capit
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Other Matters In the regular course
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federal, state or local tax liabili
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MISCELLANEOUS This Official Stateme
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(This Page Intentionally Left Blank
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Introduction APPENDIX B INFORMATION
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APPENDIX C SUMMARY OF CERTAIN PROVI
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Closing Date means the date upon wh
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Interest Payment Date means each da
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the Trustee for cancellation; (b) B
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payment agreement with the United S
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Special Facility means any existing
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Revenue Fund; Allocation of Net Rev
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Moneys in the respective accounts i
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Investments are allocated. Amounts
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Subordinate Bonds The Commission ma
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act or thing the effect of which wo
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filing of any such petition or to t
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moneys, funds and properties pledge
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The recitals, statements and repres
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The Trustee or the Paying Agent, as
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to or greater than the Credit Facil
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(a) such 2010A Bonds sold by the Re
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The Remarketing Agent The Remarketi
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APPENDIX D SUMMARIES OF CERTAIN PRO
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computations made in accordance wit
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APPENDIX E SUMMARY OF CERTAIN PROVI
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statement, it must be available fro
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Duties, Immunities and Liabilities
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APPENDIX F INFORMATION REGARDING TH
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Ambac Assurance’s consolidated fi
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Capitalization of AGM At September
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The available amount of each MBIA s
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complaint also alleges that certain
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APPENDIX G PROPOSED FORM OF OPINION
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APPENDIX H JPMORGAN CHASE BANK, NAT
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The Available Amount (as hereinafte
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JPMorgan Chase Bank, National Assoc
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IN WITNESS WHEREOF, this Certificat
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(ii) $_______________________ is de
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The undersigned Transferor acknowle
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The Bank of New York Trust Company,
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Page 233 and 234:
The Bank of New York Trust Company,
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