Attachment D-1
Detailed Summary Tables for Sensitivity Analyses
GARVEE Bonding Capacity
Base Case
| Highest 12-Month Revenue ($ in 000's) |
$2,441,441 |
| Debt Service Test (15% of Revenue) |
$366,216 |
| Less: Existing Maximum Annual Series 2004A Debt Service |
-$72,901 |
| Remaining Maximum Annual Debt Service Capacity |
$293,315 |
(Dollars in Thousands)
| |
6 Years |
12 Years |
| Assumed Date of Issuance |
2008 |
2008 |
| Assumed Final Maturity |
2014 |
2020 |
| |
|
|
| Assumed Interest Rate (1) |
3.58% |
4.13% |
| Par Capacity |
$1,559,095 |
$2,731,891 |
| Annual Debt Service Required |
$293,315 |
$293,315 |
(1) The assumed interest rates are based on the February 29, 2008 AA MMD bond scale. The rates used are the weighted average coupon for a level debt service bond sizing based upon the final maturity in each scenario.
Attachment D-2
Market Sensitivity Case
| Highest 12-Month Revenue ($ in 000's) |
$2,441,441 |
| Debt Service Test (15% of Revenue) |
$366,216 |
| Less: Existing Maximum Annual Series 2004A Debt Service |
-$72,901 |
| Remaining Maximum Annual Debt Service Capacity |
$293,315 |
(Dollars in Thousands)
| |
6 Years |
12 Years |
| Assumed Date of Issuance |
2008 |
2008 |
| Assumed Final Maturity |
2014 |
2020 |
| |
|
|
| Assumed Interest Rate (1) |
4.58% |
5.13% |
| Par Amount |
$1,509,221 |
$2,580,545 |
| Annual Debt Service Required |
$293,315 |
$293,315 |
(1) The assumed interest rates are based on the February 29, 2008 AA MMD bond scale (increased by 100 basis points (1%) for market fluctuations). The rates used are the weighted average coupon for a level debt service bond sizing based upon the final maturity in each scenario.
