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

[Footnotes continued from previous page]
__________________
(1) Gross debt service.
(2) Includes debt service on San Francisco International Airport Second Series Revenue Bonds Issues 15A through 30, 31F, 32F/G/H and
34C/D/E/F at fixed rates. The Issue 36A/B/C/D and Issue 37C/D Bonds were issued as variable rate securities and the debt service on such
Bonds is calculated at assumed interest rates: debt service on the Issue 36A Bonds is calculated at an assumed interest rate equal to 2.00%
until May 1, 2011 and thereafter at an assumed interest rate equal to 3.00% plus ancillary fees equal to 0.67%; debt service on the Issue 36B
Bonds is calculated at an assumed interest rate equal to 2.00% until May 1, 2011 and thereafter at an assumed interest rate equal to 3.00%
plus ancillary fees equal to 0.62%; debt service on the Issue 36D and Issue 37D Bonds is calculated at assumed interest rates equal to 3.00%
plus ancillary fees equal to 0.77%; and debt service on the Issue 36C and Issue 37C Bonds is calculated at an assumed interest rate equal to
3.00% plus ancillary fees equal to 0.77%. The debt service on the Series 2008A Notes is based on the fixed interest rates equal to 6.39%
until the respective mandatory tender dates on May 1, 2010 through May 1, 2012, inclusive. Following each mandatory tender date, the
debt service on the Series 2008A Notes is calculated at an assumed interest rate equal to 5.00%. Includes ancillary fees on the Issue 34A/B
Bonds equal to 0.655% while the Issue 34A/B Bonds are held in the Issue 34A/B Bonds Trust Accounts. The debt service on the Series
2009A/B Bonds is calculated at an assumed interest rate equal to 0.75% until the mandatory tender date on September 15, 2010. Following
such mandatory tender date, the debt service on the Series 2009A/B Bonds is calculated at an assumed interest rate equal to 3.00%. The
debt service on the Series 2009D Notes is calculated at an assumed interest rate equal to 2.25% until the mandatory tender date on
December 4, 2012. Following such mandatory tender date, the debt service on the Series 2009D Notes is calculated at an assumed interest
rate equal to 3.00%. The 2010A Bonds are issued as variable rate securities and the debt service on such Bonds is calculated at assumed
interest rates: debt service on the 2010A-1 Bonds and the 2010A-2 is calculated at an assumed interest rates equal to 3.925% plus ancillary
fees equal to 1.45% until May 1, 2013 and thereafter at an assumed interest rate equal to 3.925% plus ancillary fees equal to 1.10%; and
debt service on the Issue 2010A-3 Bonds is calculated at an assumed interest rate equal to 3.895% plus ancillary fees equal to 1.45% until
May 1, 2013 and thereafter at an assumed interest rate equal to 3.895% plus ancillary fees equal to 1.10%.
Historical Debt Service Coverage
The following table reflects historical Net Revenues and the calculation of debt service coverage on the
Bonds based on such Net Revenues for Fiscal Years 2004-05 through 2008-09.
Net Revenues (1)
Transfer from the Contingency Account (2)
HISTORICAL DEBT SERVICE COVERAGE †
(Fiscal Year)
($ in thousands)
2004-05 2005-06 2006-07 2007-08 2008-09
$304,729
92,699
$297,165
92,584
$302,070
92,609
$316,726
92,658
$302,528
92,417
TOTAL AVAILABLE FOR DEBT SERVICE $397,428 $389,749 $394,679 $409,384 $394,944
Total Annual Debt Service (3) $285,985 $278,544 $272,161 290,349 266,577
Historical Debt Service Coverage per the
1991 Master Resolution (4)
139.0% 139.9% 145.0% 141.0% 148.2%
Historical Debt Service Coverage
Excluding Transfer 106.6% 106. 7 % 111.0% 109.1% 113.5%
__________________
† Restated.
(1) Using the definition of Net Revenues contained in the 1991 Master Resolution (including PFCs classified as “Revenues” as defined under
the 1991 Master Resolution for Fiscal Year 2004-05 in the amount of $68.4 million, for Fiscal Year 2005-06 in the amount of $67.7 million,
for Fiscal Year 2006-07 in the amount of $58.4 million, for Fiscal Year 2007-08 in the amount of $54.4 million and for Fiscal Year 2008-09
in the amount of $51.0 million).
(2) Represents the Transfer from the Contingency Account to the Revenues Account in each such Fiscal Year. See “SECURITY FOR THE 2010A
BONDS–Contingency Account.”
(3) Annual Debt Service net of accrued and capitalized interest.
(4) Net Revenues plus Transfer divided by total Annual Debt Service. Must not be less than 125% pursuant to the 1991 Master Resolution.
See “SECURITY FOR THE 2010A BONDS–Rate Covenant.”
Source: San Francisco Airport Commission.
91