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

More documents

Recommendations

Info

Aviation Market Stimulus Program In 2003, the Commission created an Aviation Market Stimulus Program (the “Stimulus Program”) reducing landing fees by 50%, for new domestic and international flights maintained for twelve consecutive months to destinations not currently served by the airline. Since Fiscal Year 2004-05, the Commission has extended the Stimulus Program for new international flights only. For a description of new service at the Airport that has or is expected to commence in Fiscal Year 2009-10, see “SAN FRANCISCO INTERNATIONAL AIRPORT–Airline Service– New Service.” SFO Transportation and Facility Fees The rental car companies collect a $17.50 per rental contract fee that is paid to the Commission for reimbursement of certain costs of operating and providing the AirTrain facilities to and from the Terminal Complex and the rental car facility located one mile north of the Terminal Complex. Passenger Facility Charge Prior to 2001, the Airport financed its capital program primarily through interest earnings, Airport operating revenues, Federal grants and the issuance of revenue bonds and commercial paper secured by a pledge of the Net Revenues of the Airport. In 2001, the Airport received authorization from the FAA to commence collection and use of a Passenger Facility Charge (a “PFC”) in the amount of $4.50 per enplaning passenger to pay for certain eligible capital projects as approved by the FAA. The PFC revenues received by the Airport are subject to audit and final acceptance by the FAA and costs reimbursed with PFC revenues are subject to adjustment upon audit. PFC Applications In 2001, the FAA approved the Airport’s initial PFC application (“PFC # 1”) to collect approximately $113 million in revenues from October 1, 2001 through June 1, 2003, from a $4.50 PFC to pay for development activities and studies related to a potential runway reconfiguration, which project has since been terminated. In 2002, the FAA approved the Airport’s second PFC application (“PFC # 2”) to extend the collection period for PFC # 1 through April 1, 2008 (later revised to January 1, 2006) and apply the proceeds to pay debt service on Bonds issued to finance certain other eligible project costs relating to the ITC. The amount of PFC revenues estimated to be collected under PFC # 2 was $224 million. In 2003, the FAA approved a third PFC application (“PFC # 3”) by the Airport to extend the collection period through the earlier of November 1, 2018 (later revised to January 1, 2017) or the date when the total authorized collection amount is achieved. The collections from PFC # 3 will be used to pay a portion of debt service on Bonds issued for certain eligible costs associated with the development of Boarding Areas A and G, and the ITC, and to pay costs in connection with the Airport’s five year Capital Plan on a “pay as you go basis.” The total amount of authorized PFC collections, including interest earnings thereon, under these three applications, as amended, is $833 million and as of June 30, 2009, a total of $478.4 million, including interest earnings thereon, had been collected. Designation of PFC Collections as Revenues PFC collections are not included in the definition of “Revenues” under the 1991 Master Resolution unless specifically so designated by the Commission. Set forth in the table below is information regarding such designations. The actual amount of PFC collections to be designated as “Revenues” and used to pay debt service in Fiscal Year 2008-09 as designated by the Commission is dependent, in part, upon the actual amounts permitted for such use by PFC regulations. 68
__________________ PFC COLLECTIONS DESIGNATED AS REVENUES BY THE COMMISSION FOR PAYMENT OF DEBT SERVICE ON OUTSTANDING BONDS Source: San Francisco Airport Commission. Amount Designated Applicable Designation Date ($ in millions) Fiscal Year 04/16/02 $18.8 2001-02 11/05/02 13.0 2002-03 03/25/03 46.1 2003-04 06/03/03 10.0 2003-04 06/01/04 68.4 2004-05 06/07/05 67.7 2005-06 05/02/06 58.4 2006-07 05/01/07 54.4 2007-08 05/06/08 51.0 2008-09 05/05/09 61.0 2009-10 The Commission may use a portion of current or future PFC collections to redeem Outstanding Bonds and for the payment of debt service. The Commission can give no assurances that PFC amounts will be collected as anticipated or that PFC amounts so collected will be designated as Revenues in any given Fiscal Year. Collection of PFCs in the Event of Bankruptcy In order to ensure continuation of the PFC program, including the trust fund status of collected PFCs, Congress amended the PFC enabling legislation, effective December 12, 2003, to provide additional specific obligations for an air carrier operating under bankruptcy protection in Chapter 7 or Chapter 11. The statute provides that (i) the air carrier must segregate in a separate account an amount of PFCs equal to its average monthly liability, (ii) PFCs are funds held in trust for each airport regardless of the ability to identify or trace precise funds, (iii) the air carrier may not pledge the PFCs to a third party, (iv) an airport is entitled to recover costs for enforcing an air carrier’s compliance with the statute, (v) the air carrier may keep any interest income earned on the segregated PFCs if it is in compliance with the PFC enabling legislation and (vi) PFCs may not be commingled with other air carrier revenues. While the PFC enabling legislation provides that PFCs are trust funds both before and after an air carrier files for bankruptcy protection, there can be no assurance that the air carrier has collected, retained, segregated or properly accounted for its PFCs, or that the Airport would be able to collect the PFCs from the air carrier that were collected prior to the bankruptcy filing. Concessions Retail Program Each retail tenant at the Airport is charged a Minimum Annual Guarantee (a “MAG”) pursuant to its lease. DFS Group. DFS Group is the principal retail concessionaire at the Airport. Effective June 1, 2007, the DFS Group lease was amended to add 3,066 square feet of rentable space and the MAG paid by DFS Group was increased from $26.1 million to $26.4 million. The DFS Group exercised its final five year option to extend its lease pursuant to the Concession Support Program and the Airport exercised the first of its two one-year discretionary options to extend the DFS Group lease. The DFS Group lease expires on December 31, 2017. Other Retail. During Fiscal Year 2007-08, the Airport opened new retail and services establishments in 24 additional locations, including five Airport Wireless locations, seven retail locations in Terminal 3 and a spa in each of Terminal 3 and the ITC. 69
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 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
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 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
Page 100 and 101: Current and Future Financings Capit
Page 102 and 103: Other Matters In the regular course
Page 104 and 105: federal, state or local tax liabili
Page 106 and 107: MISCELLANEOUS This Official Stateme
Page 108: (This Page Intentionally Left Blank
Page 149 and 150:
Introduction APPENDIX B INFORMATION
Page 151 and 152:
APPENDIX C SUMMARY OF CERTAIN PROVI
Page 153 and 154:
Closing Date means the date upon wh
Page 155 and 156:
Interest Payment Date means each da
Page 157 and 158:
the Trustee for cancellation; (b) B
Page 159 and 160:
payment agreement with the United S
Page 161 and 162:
Special Facility means any existing
Page 163 and 164:
Revenue Fund; Allocation of Net Rev
Page 165 and 166:
Moneys in the respective accounts i
Page 167 and 168:
Investments are allocated. Amounts
Page 169 and 170:
Subordinate Bonds The Commission ma
Page 171 and 172:
act or thing the effect of which wo
Page 173 and 174:
filing of any such petition or to t
Page 175 and 176:
moneys, funds and properties pledge
Page 177 and 178:
The recitals, statements and repres
Page 179 and 180:
The Trustee or the Paying Agent, as
Page 181 and 182:
to or greater than the Credit Facil
Page 183 and 184:
(a) such 2010A Bonds sold by the Re
Page 185 and 186:
The Remarketing Agent The Remarketi
Page 187 and 188:
APPENDIX D SUMMARIES OF CERTAIN PRO
Page 189 and 190:
computations made in accordance wit
Page 191 and 192:
APPENDIX E SUMMARY OF CERTAIN PROVI
Page 193 and 194:
statement, it must be available fro
Page 195 and 196:
Duties, Immunities and Liabilities
Page 197 and 198:
APPENDIX F INFORMATION REGARDING TH
Page 199 and 200:
Ambac Assurance’s consolidated fi
Page 201 and 202:
Capitalization of AGM At September
Page 203 and 204:
The available amount of each MBIA s
Page 205 and 206:
complaint also alleges that certain
Page 207 and 208:
APPENDIX G PROPOSED FORM OF OPINION
Page 209 and 210:
APPENDIX H JPMORGAN CHASE BANK, NAT
Page 211 and 212:
The Available Amount (as hereinafte
Page 213 and 214:
JPMorgan Chase Bank, National Assoc
Page 215 and 216:
Page 217 and 218:
Page 219 and 220:
IN WITNESS WHEREOF, this Certificat
Page 221 and 222:
(ii) $_______________________ is de
Page 223 and 224:
Page 225 and 226:
Page 227 and 228:
The undersigned Transferor acknowle
Page 229 and 230:
The Bank of New York Trust Company,
Page 231 and 232:
Page 233 and 234:
The Bank of New York Trust Company,
show all

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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?