Analyses of GARVEE Bonding Capacity 2008
Attachment C
Detailed Worksheet for Sensitivity Analyses
Overview of GARVEE Bonding Capacity Analyses
The bond test requires that the annual payment obligations of all outstanding notes in any fiscal year not to exceed 15 percent of the Federal Transportation Funds deposited into the State Highway Account for the highest 12 consecutive months in the last 24 months. The Series 2004A Bonds maximum Annual Debt Service has been subtracted from the last 12 highest consecutive months in order to calculate the remaining Additional Debt Capacity.
| Base Case | |
|---|---|
| Maximum Par Amount of Bonding Capacity | $1,559,095 |
| Interest Rate | 3.58% |
| Maximum Assumed Annual Debt Service* | -$293,315 |
| Term of Bond Issue | 6 |
| Market Sensitivity | |
| Maximum Par Amount of Bonding Capacity | $1,509,221 |
| Interest Rate | 4.58% |
| Maximum Assumed Annual Debt Service* | -$293,315 |
| Term of Bond Issue | 6 |
| Base Case | |
| Maximum Par Amount of Bonding Capacity | $2,731,891 |
| Interest Rate | 4.13% |
| Maximum Assumed Annual Debt Service* | -$293,315 |
| Term of Bond Issue | 12 |
| Market Sensitivity | |
| Maximum Par Amount of Bonding Capacity | $2,580,545 |
| Interest Rate | 5.13% |
| Maximum Assumed Annual Debt Service* | -$293,315 |
| Term of Bond Issue | 12 |
*15% of legally pledged Federal Transportation Funds deposited into the State Highway Account less maximum annual debt service for the Series 2004A Bonds.
Base Case Scenarios based on February 29, 2008 AA MMD Scale
Market Sensitivity Case Scenarios based on February 29, 2008 AA MMD Scale Plus 100 Basis Points