SCHEDULE 24 Schedule of CFC Special Facilities Debt Service Coverage (Fiscal Years Ending June 30, $000)
2014 2013 2012
Revenues:
CFC Revenue: CFC Collections (1) $ 10,009 $ 9,920
Interest Earnings
Annual CFC Revenue
114
Contingent Rent Total Revenues Rolling Coverage Fund
10,123 -
$
61
9,981
9,268 150
9,418
-
-
10,123
9,981
9,418
1,112
1,112
1,112
11,235
11,093
10,530
Application of Revenues: 1st Debt Service Fund 3,833 3,811 2nd Rolling Coverage Fund - - 3rd Supplemental Reserve Fund - - 4th Qualified Reserve Fund Substitute - - 5th Debt Service Reserve Fund - - 6th Subordinate Debt Service Fund - - 7th Subordinate Debt Service Reserve Fund - - 8th Rebate Fund - - 9th Replenishment of CFC Stabilization Fund (2) - - 10th Operation and Maintenance Fund (3) - 376 11th City Loan (4) - - 12th Repair and Replacement Fund (5) - - 13th CFC Stabilization Fund (6) 7,402 6,906
2,458 361 7,711
Total Revenues Available for DS Coverage
Total Application of Revenues $ 11,235
$ 11,093
$ 10,530
Debt Service Coverage - With Coverage Fund (x)
2.93
2.91
4.28
Debt Service Coverage Without Coverage Fund (x)
2.64
2.62
3.83
NOTES: (1) CFCs depicted on page 38 are shown net of the deposit made to the CFC operation and maintenance fund as shown on this schedule. (2) Any deposit required to bring the CFC Stabilization Fund to its stated minimum of $2 million (or higher). (3) Represents annual O&M expenses for the CONRAC facility. (4) Repayment of any principal and interest for a City Loan to the Airport to pay for costs of the Project that cannot be paid for with Bonds or CFC Stabilization Fund. (5) Repair and Replacement Fund replenishment to pay the cost of additions and capital improvements; or the renewal or replacement of capital assets of, or purchasing and installing new equipment related to the CONRAC; or paying any extraordinary maintenance and repair that are not operating expenses on the CONRAC. (6) All remaining revenues are transferred to the CFC Stabilization Fund within 15 days of the end of each Fiscal Year.
116
CHARLOTTE DOUGLAS INTERNATIONAL AIRPORT | ANNUAL REPORT 2014