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

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Domestic Enplanements. During Fiscal Year 2008-09, total domestic passenger enplanements were 14,003,850, an increase of 1.4% compared to Fiscal Year 2007-08. Domestic enplaned passengers for Fiscal Year 2008-09 reflected an increase of 77.9% in combined enplanements for Southwest Airlines and Virgin America Airlines that exceeded aggregate domestic enplanement declines by the legacy carriers of 4.1%. During the first six months (July through December) of Fiscal Year 2009-10, domestic enplanements increased by 496,296 (6.1%) compared to domestic enplanements during the first six months (July through December) of Fiscal Year 2008-09. Domestic enplaned passengers at the Airport during December 2009 were 1,205,993, an increase of 6.8%, compared to December 2008. Domestic and international enplanements for the 10 most active airlines for Fiscal Year 2004-05 through 2008-09 and for the first six months (July through December) of Fiscal Year 2008-09 and Fiscal Year 2009-10 are shown in the tables on the following pages. (Remainder of this Page Intentionally Left Blank) 50
DOMESTIC ENPLANEMENTS BY AIRLINE † (Fiscal Years) % of First Six Months (July through December) Airline 2004-05 2005-06 2006-07 2007-08* 2008-09* 2008-09* 2008-09* 2009-10* United Airlines (1) 6,458,884 6,484,061 6,637,448 6,332,254 5,885,426 42.0% 3,029,607 3,134,359 American Airlines (2) 1,571,228 1,691,295 1,734,119 1,751,201 1,676,029 12.0 877,525 856,616 Southwest Airlines (3) – – – 737,484 1,203,425 8.6 570,399 789,050 Virgin America (4) – – – 526,131 1,044,365 7.5 527,251 674,430 Delta Air Lines (5) 926,574 1,003,587 863,454 974,886 901,108 6.4 492,301 479,659 US Airways (6) 486,721 410,163 405,969 726,553 852,915 6.1 454,778 433,406 Continental Airlines 563,361 608,801 647,065 666,619 685,283 4.9 363,995 392,197 Northwest Airlines (7) 550,684 586,412 626,177 618,791 590,711 4.2 315,157 316,785 Alaska Airlines (8) 481,554 480,529 516,549 568,594 480,106 3.4 284,534 258,589 jetBlue Airways (9) – – – 231,871 194,925 1.4 98,357 129,195 America West Airlines (10) 493,556 413,690 466,831 – – – – – Frontier Airlines (11) 151,303 177,698 267,714 – – – – – ATA Airlines (12) 362,997 174,716 – – – – – – AirTran Airways (13) – – 99,266 – – – – – SUBTOTAL 12,046,862 12,030,952 12,265,592 13,108,679 13,514,293 96.5 7,013,904 7,464,286 All others 272,800 312,470 344,382 698,804 489,557 3.5 245,860 241,774 TOTAL 12,319,662 12,343,422 12,608,974 13,807,246 14,003,850 100.0% 7,259,764 7,706,060 Percentage Change __________________ 5.2% 0.2% 2.2% 9.5% 1.4% 6.1% † Restated. * Preliminary. (1) Restated. Data has been restated to include enplanements for Ted, the United Airlines low-fare brand and SkyWest/United Airlines. On January 6, 2009, United Airlines ceased flying Ted as a separate brand. (2) Includes enplanements for American Eagle Airlines, the American Airlines low-fare brand. (3) Southwest Airlines reinitiated service at the Airport on August 26, 2007. (4) Virgin America initiated service at the Airport on August 8, 2007. (5) Restated. Data has been restated to include enplanements for Song, the Delta Air Lines Inc. (“Delta”) low-cost carrier (Fiscal Year 2005-06 only), and SkyWest/Delta. For Fiscal Years 2007-08 and 2008-09, includes enplanements for Express Jet and for Fiscal Year 2008-09, enplanements for Mesaba Airlines, a Delta carrier. In May 2006, Delta ceased flying Song as a separate brand. On April 14, 2008, Delta and Northwest Airlines Corporation (“Northwest”) announced an agreement to merge the two carriers into a new airline to be called Delta. The merger was approved by Delta and Northwest shareholders on September 25, 2008 and by the United States Department of Justice on October 29, 2008. Northwest continues to be a wholly-owned subsidiary of Delta until the FAA certificates of the two airlines are combined. Northwest was operated as a wholly-owned subsidiary of Delta until December 31, 2009 when the two airlines began operating under a single FAA operating certificate. The reservation systems of the two airlines are scheduled to merge on January 31, 2010. (6) Under its plan of reorganization, which was effective in September 2005, US Airways created a new subsidiary (“US Airways Group, Inc.”) that merged into America West Holdings Corporation which became a wholly-owned subsidiary of US Airways Group, Inc. (7) On April 14, 2008, Delta Air Lines Inc. (“Delta”) and Northwest Airlines Corporation (“Northwest”) announced an agreement to merge the two carriers will merge into a new airline to be called Delta. The merger was approved by Delta and Northwest shareholders on September 25, 2008 and by the United States Department of Justice on October 29, 2008. Northwest continues to be a wholly-owned subsidiary of Delta until the FAA certificates of the two airlines are combined. Northwest was operated as a wholly-owned subsidiary of Delta until December 31, 2009 when the two airlines began operating under a single FAA operating certificate. The reservation systems of the two airlines are scheduled to merge on January 31, 2010. (8) Restated. Data has been restated to include enplanements for Horizon Air, the Alaska Airlines regional carrier. The decline in domestic enplanements is primarily due to discontinuance of service to San Diego since October 2007 and seat capacity reductions to Los Angeles and Portland since November 2007 and May 2008, respectively. (9) jetBlue Airways commenced operations at the Airport on May 3, 2007. (10) America West Airlines merged into America West Holdings Corporation and became a wholly-owned subsidiary of US Airways Group, Inc. as part of the US Airways plan of reorganization. (11) On October 1, 2009, Republic Airways Holdings, Inc. (“Republic”) completed its acquisition of Frontier Airlines Holdings pursuant to an auction process in the Frontier Airlines Chapter 11 bankruptcy case. Republic continues to operate the Frontier band as a wholly-owned subsidiary. (12) ATA Airlines filed for bankruptcy protection in October 2004. Effective April 27, 2006 ATA ceased flights at the Airport and moved its operations to Oakland International Airport. All amounts owed by ATA Airlines to the Airport were paid in full. (13) AirTran Airways was not one of the 10 most active airlines at the Airport for Fiscal Years 2003-04 through 2007-08. Source: San Francisco Airport Commission. 51
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SAN FRANCISCO INTERNATIONAL AIRPORT
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2010A BONDS MATURITY SCHEDULE The i
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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
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Page 24 and 25: Fifth, to pay for necessary reconst
Page 26 and 27: Letter of Credit Upon the delivery
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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 50 and 51: Airport Security In the immediate a
Page 52 and 53: � United Airlines commenced daily
Page 54 and 55: The following table lists the air c
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Page 62 and 63: Cargo Traffic and Landed Weight Car
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Page 66 and 67: Settlement Agreement Under the Sett
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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
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Page 86 and 87: The table below summarizes the inte
Page 88 and 89: SUMMARY OF PAYMENTS MADE BY THE AIR
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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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The Bank of New York Trust Company,
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