Pinellas County, Florida
Bonded Debt Report
For the year ended September 30, 2001
Prepared by the Finance Division
Karleen F. De Blaker
Clerk of the Circuit Court
Contents
Page
Introduction ................................................................................................................................1
Types of Debt and Debt Rating ..................................................................................................2
Outstanding Bond Issues ............................................................................................................3
Non-Self Supporting Revenue Debt ...........................................................................................4
Self-Supporting Revenue Debt.................................................................................................. 6
Bonded Debt Last Ten Years......................................................................................................9
Schedules of Revenue Bond Coverages .................................................................................... 10
Types of Debt
Local government debt is typically divided into the following categories:
• General obligation debt bonds pledge the full faith and credit of the County, with general taxing power as the
method of repayment. The County had no general obligation bonds outstanding.
•
Non-self supporting revenue bonds pledge a specific revenue source as a method of repayment of the outstanding
bonds. This type of bond is a special obligation of the County and does not constitute a general obligation of the
County.
•
Self supporting revenue bonds are supported by user revenues generated from operations. In Pinellas County,
revenue of the Water, Sewer and Solid Waste systems have been pledged as a method of repayment of outstanding
bonds.
The County’s outstanding bonds at September 30, 2001 were:
Non-self supporting revenue bonds
$ 178,920,000
Self supporting revenue bonds
234,685,000
$413,605,000
Debt Ratings
Most bond issues are assigned a rating by a rating agency, such as Moody’s Investment Services, Inc., Standard & Poor’s
Ratings Services and Fitch Investors Services. The rating is an important factor for determining an issue’s marketability
and the interest rate the County will pay. Ratings are relied upon by investors in making investment decisions and by
underwriters in determining whether to underwrite a particular issue.
In order for a bond issue to be rated, the government must contract with a rating agency and pay a fee. The government
provides the rating agency with operational and financial information. The agency assesses the risk and rates the bond
issue based upon a detailed analysis of this information. Although somewhat different in their letter usage, bonds are rated
in descending alphabetical order from A to C as shown in the following table:
Bond Rating Codes
Rating
Highest quality
High quality
Upper medium quality
Medium grade
Somewhat speculative
Low grade, speculative
Low grade, default possible
Low grade, partial recovery possible
Default, recovery unlikely
S&P
Moody’s
Fitch
AAA
AA
A
BBB
BB
B
CCC
CC
C
Aaa
Aa
A
Baa
Ba
B
Caa
Ca
C
AAA
AA
A
BBB
BB
B
CCC
CC
C
The interest rates listed in each bond issue represent the current fixed rates for the outstanding maturities.
2
Outstanding Bond Issues
Issue Date
Original
Issue
Amount
Description
Amount
Outstanding
September 30,
2001
Current
Maturities
December 1990
Solid Waste System Revenue
Bonds, Series 1990A
September 1993
Transportation Improvement
Bonds, Series 1993A
29,155,000
9,325,000
2,965,000
November 1993
Sewer Revenue and Revenue
Refunding Bonds, Series 1993
15,450,000
5,310,000
1,700,000
December 1994
Transportation Improvement
Revenue Bonds, Series 1994
37,140,000
4,135,000
2,010,000
November 1995
Water Revenue and Revenue
Refunding Bonds, Series 1995
63,620,000
25,605,000
8,535,000
February1996
Second Guaranteed Entitlement
Revenue Bonds, Series1996
9,270,000
4,890,000
900,000
September 1996
Solid Waste Resource and
Recovery Bonds, Series 1996
83,250,000
70,310,000
3,705,000
July 1998
Sewer Revenue and Revenue
Refunding Bonds, Series 1998
104,795,000
103,125,000
885,000
December 1998
Transportation Improvement
Revenue Refunding Bonds,
Series 1998
22,985,000
22,260,000
310,000
September 2000
Capital Improvement Revenue
Bonds, Series 2000
155,520,000
138,310,000
12,575,000
$
129,360,000
$
$
30,335,000
413,605,000
$
$
14,075,000
47,660,000
In October 2001, the County issued $14,100,000 of Pinellas County, Florida Resource and Recovery Refunding Bonds, Series, 2001. The
Series 2001 Bonds were issued to refund together with other available County funds, $15,020,000 of the County's Resource and Recovery
Refunding Bonds, Series 1990A.
In February 2002, the County issued $14,000,000 in Capital Equipment Revenue Bonds, Series 2002 to reimburse and finance the cost of
voter technology equipment. The Series 2002 Bonds are payable from budgeted and appropriated non-advalorem revenues.
3
Non-Self Supporting Revenue Debt
$29,155,000 Transportation Improvement Revenue
Bonds, Series 1993A
$37,140,000 Transportation Improvement Revenue
Bonds, Series 1994
Amount outstanding at
September 30, 2001: $9,325,000
Fiscal year 2002 debt service:
Principal $2,965,000
Interest $438,565
Final maturity date: August 1, 2004
Interest rates: 4.50%-4.80%
Ratings: Moody’s Aaa, Standard & Poor’s AA-
Amount outstanding at
September 30, 2001: $4,135,000
Fiscal year 2002 debt service:
Principal $2,010,000
Interest $231,675
Final maturity date: August 1, 2003
Interest rates: 5.40%-6.15%
Ratings: Moody’s Aaa, Standard & Poor’s AAA
Purpose: The $29,155,000 Transportation Improvement Revenue Bonds, Series 1993A were
issued to fund various improvements to the
County’s transportation facilities. The
County entered into an interlocal agreement
with the twenty-four cities in the County
whereby 25% of local option gas tax
revenue received would go to those cities,
and the remaining 75% would be used
solely by the County to finance road
improvements.
Purpose: The $37,140,000 Transportation Improvement Revenue Bonds, Series 1994 were
issued to fund in part the County’s six year
transportation plan that calls for a number
of major road improvements in various
parts of the County.
Pledge:
Pledge:
The 1993A Transportation Improvement
Revenue Bonds are payable solely from and
secured by a lien on the six-cent local
option gas tax distributed to the County by
the Florida Department of Revenue from
the State Local Option Gas Tax Trust Fund
pursuant to and in the manner authorized by
Section 336.025, Florida Statutes.
Furthermore, the County covenants to
budget and appropriate from its nonadvalorem revenues on an annual basis for the
payment of principal of and interest on the
Series 1993A Bonds. Payment of principal
of and interest on the Series 1993A Bonds,
when due, are guaranteed by a municipal
bond insurance policy issued by the
Financial Guaranty Insurance Company.
4
The Series 1994 bonds are payable solely
from and secured by a lien upon the
County’s portion of the six-cent local
option gas tax distributed to the County by
the Florida Department of Revenue from
the State Local Option Gas Tax Trust Fund
pursuant to and in a manner authorized by
Section 336.025, Florida Statutes.
Furthermore, the County covenants to
budget and appropriate from its non
advalorem revenues on an annual basis for
the payment of principal and interest on the
Series 1994 Bonds. Payment of the
principal of and interest on the Series 1994
Bonds are guaranteed under a policy of
municipal bond insurance by Financial
Guaranty Insurance Company.
In
December 1998, $20,790,000 of these
bonds were defeased by the 1998
Transportation Revenue and Refunding
Bonds.
$9,270,000 Second Guaranteed Entitlement
Revenue and Refunding Bonds, Series 1996
$22,985,000 Transportation Improvement
Revenue Refunding Bonds, Series 1998
Amount outstanding at
September 30, 2001: $4,890,000
Fiscal year 2002 debt service:
Principal $900,000
Interest $187,780
Final maturity date: February 1, 2006
Interest rates: 4.05%-4.40%
Ratings: Moody’s Aaa; Standard & Poor’s AAA
Amount outstanding at
September 30, 2001: $22,260,000
Fiscal year 2002 debt service:
Principal $310,000
Interest $826,262
Final maturity date: August 1, 2007
Interest rates: 3.45%-3.75%
Ratings: Moody’s Aa; Standard & Poor’s AAA
Purpose: The Series 1996 Bonds were issued for the
purpose of financing costs of the construction of certain capital improvements consisting of the development of an integrated,
county-wide public safety communications
system including the construction of a radio
system infrastructure and the acquisition of
associated field units necessary to access the
radio system. The Series 1996 Bond
refunded all of the then outstanding Second
Guaranteed Revenue Bonds, Series 1988.
Purpose: The $22,985,000 Transportation Improvement Revenue Refunding Bonds, Series
1998 were issued for the purpose of
providing funds, together with other
available funds of the County, to refund
$20,790,000 of the Transportation
Improvement Revenue Bonds, Series 1994.
The reduction in debt service over the life
of the bonds was $1,353,021 and the
economic gain on the transaction was
$806,890.
Pledge:
The payment of principal of and interest on
the Series 1996 Bonds will be payable solely
from and secured by a lien upon and pledge
of the Second Guaranteed Entitlement
Revenues received by the County pursuant
to Chapter 218, Part II, Florida Statutes.
The scheduled payment of principal and
interest on the Series 1997 Bonds when due
are guaranteed under an insurance policy
issued by the Financial Security Assurance,
Inc.
Pledge:
5
The payment of interest and principal on the
Bonds are payable from and secured by a
lien and pledge of the Local Option Gas Tax
Revenues on parity with the County’s
Trans-portation Improvement Revenue
Bonds, Series 1993A and the unrefunded
portion of the County’s Transportation
Improvement Revenue Bonds, Series 1994.
The Financial Guaranty Insurance
Company has issued an insurance policy
insuring the payment of principal and
interest, when due, on the Series 1998
Bonds.
$155,520,000 Capital Improvement Revenue
Bonds, Series 2000
Amount outstanding at
September 30, 2001: $138,310,000
Fiscal year 2002 debt service:
Principal: $12,575,000
Interest: $6,615,662
Final maturity date: January 1, 2010
Interest rates: 5.0% - 5.75%
Ratings: Moody’s Aaa; Fitch, Inc., AAA for Bonds
maturing 2008-2010 (insured)
Moody’s Aa3; Fitch AA+ for all other
maturities
Purpose:
Pledge:
The $155,520,000 Capital Improvement
Revenue Bonds, Series 2000 were issued
to finance the acquisition, expansion,
construction, renovation, equipping and
improvement to certain capital improvement projects, including certain judicial
and general governmental projects, public
safety and law enforcement projects,
conversation and resource management
projects, surface water management
projects, transportation projects, cultural
projects, and parks and recreation projects.
6
The payment of principal and interest on
the Bonds is secured solely by a lien upon
a pledge of the county’s portion of the net
proceeds of the discretionary infrastructure
sales surtax imposed pursuant to Section
212.055 Florida Statutes, and approved by
a countywide referendum held on
November 7, 1989, which tax was
extended for ten years by approval at a
countywide referendum held on March 25,
1997, which is the portion available for
expenditure with respect to infrastructure
projects in the County, but excludes
portions transferred to the municipalities
in the County and portions set aside for
part of the criminal justice and related
facilities pursuant to an interlocal
agreement relating to distribution of Sales
Tax Revenue proceeds. The payment of
the principal and interest on the Bonds
maturing in the years 2008 through 2010
are insured by a municipal bond insurance
policy issued by Financial Guaranty
Insurance Company.
Self Supporting Revenue Debt
$129,360,000 Solid Waste System Revenue Bonds,
Series 1990A
$15,450,000 Sewer Revenue
Refunding Bonds, Series 1993
Amount outstanding at
September 30, 2001: $30,335,000
Fiscal year 2002 debt service:
Principal $14,075,000
Interest $1,106,300
Final maturity date: October 1, 2003
Interest rates: 6.70%-6.90%
Rating: Moody’s Aaa; Standard & Poor’s AAA
Amount outstanding at
September 30, 2001: $5,310,000
Fiscal year 2002 debt service:
Principal $1,700,000
Interest $151,218
Final maturity date: October 1, 2003
Interest rates: 4.01%-4.25%
Ratings: Moody’s Aaa; Standard & Poor’s AAA
Purpose: The Series 1990A Bonds were issued to
provide funds, together with other legally
available funds of the County, to currently
refund
the
County’s
outstanding
$129,485,000 Solid Waste and Electric
Revenue Bonds, Series 1980 issued pursuant to an indenture of trust dated as of
April 1, 1980. The Series 1990B bonds
were sold in a separate offering to advance
refund and defease the Series 1983 Solid
Waste and Electric Revenue Bonds.
Purpose: The Series 1993 Bonds for the purpose of
providing funds, together with other available funds of the County to pay for the
redemption of the County’s outstanding
Sewer Refunding Revenue Bonds, Series
1985 and to make a deposit to the Reserve
fund in an amount which, together with the
reserve fund insurance policy will equal the
reserve requirement for the Series 1993
Bonds.
Pledge:
The 1990A Bonds are limited obligations of
the County payable solely from and secured
by the pledge of Net Revenues of the Solid
Waste Disposal and Resource Recovery
System of the County. The Series 1990A
Bonds are not a debt or liability of the
County or the State of Florida within the
meaning of the Florida Constitution and
neither the faith and credit nor the taxing
power of the County or the State of Florida
is pledged to the payment of the Series
1990A Bonds.
Pledge:
7
and
Revenue
The Series 1993 Bonds are payable from
and secured by a first lien upon and a
pledge of the net revenues derived from the
operation of the County’s Sewer System.
The County is not obligated to pay the
Series 1993 Bonds or the interest thereon
except from the net revenues and neither
the faith and credit, nor the taxing power of
the County or the State of Florida, is
pledged for the payment of the Series 1993
Bonds. The Series 1993 Bonds do not
constitute a lien upon the Sewer System or
any other property of the County. Payment
of the principal and interest on the Series
1993 Bonds when due will be insured by a
municipal bond insurance policy to be
issued by AMBAC Indemnity Company.
$63,620,000 Water Revenue and Revenue
Refunding Bonds, Series 1995
$83,250,000 Resource Recovery Revenue Bonds,
Series 1996
Amount outstanding at
September 30, 2001 $25,605,000
Fiscal year 2002 debt service:
Principal $8,535,000
Interest $790,795
Final maturity date: October 1, 2005
Interest rates: 4.30%-5.50%
Ratings: Moody’s Aaa; Standard & Poor’s AAA
Amount outstanding at
September 30, 2001: $70,310,000
Fiscal year 2002 debt service:
Principal $3,705,000
Interest $3,432,511
Final maturity date: October 1, 2006
Interest rates: 5.00%-5.30%
Ratings: Moody’s Aaa; Standard & Poor’s AAA
Purpose: The $63,620,000 Water Revenue and Revenue Refunding Bonds, Series 1985 were
issued to pay the West Coast Regional
Water System for improvements to the
regional water system and to pay for
improvements to the County’s water transmission system of an existing 60-inch water
transmission line from the County’s north
booster station to the Eldridge-Wilde Wellfield. A portion of the proceeds have been
deposited in an escrow account to advance
refund the 1960, 1961, 1964, 1973 and
1977 Water Revenue bonds.
Purpose: The 83,250,000 Resource Recovery
Revenue Bonds, Series 1996 were issued to
finance a portion of the cost of certain
improvements to the County’s Solid Waste
Disposal and Resource Recovery System,
including the retrofit of the resource
recovery facility to meet new federal and
state pollution control requirements.
Pledge:
Pledge:
The payment of principal and interest on the
Bonds is secured by a pledge of and lien
upon the net revenues of the Water System,
and to the extent the County Board shall
provide, the Impact Fees of the Water
System. The County has not, and presently
does not intend to pledge, any Impact Fees
for the repayment of the Series 1995 Bonds.
The Series 1985 Bonds do not constitute a
general obligation or indebtedness of the
County. No owner of the 1995 Bond has
the right to compel the exercise of the advalorem taxing power of the County to pay
the 1995 Bonds.
8
Gross revenues of the system are derived
from tipping fees, electric power sales,
electric capacity payments, recovered
material sales, and investment earnings.
The County has covenanted to establish
rates annually for use of the system which
will provide 110% of the debt service
requirements of the Bonds. Payments of
the principal of and interest, when due, on
the Series 1996 Bonds are insured by a
municipal bond insurance policy issued by
the MBIA Insurance Corporation.
$104,795,000 Sewer Revenue and Revenue
Refunding Bonds, Series 1998
Amount outstanding at
September 30, 2001: $103,125,000
Fiscal year 2002 debt service:
Principal: $855,000
Interest: $4,958,947
Final maturity date: October 1, 2024
Interest rates: 4.00%-5.00%
Ratings: Moody’s Aaa; Standard & Poor’s AAA
Purpose: The $104,795,000 Sewer Revenue and
Revenue Refunding Bonds, Series 1998
were issued for the purpose of providing
funds, together with other available funds
of the County, to refund all of the County’s
then outstanding Sewer Revenue Bonds,
Series 1994, and to finance in part the upgrading and rehabilitating of the County’s
regional wastewater treatment facilities
located in west central Pinellas County.
Pledge:
9
The payment of interest and principal on
the Bonds are payable from and secured by
a first lien and pledge of the net revenues
derived from the operation of the County’s
Sewer System. The Financial Guaranty
Insurance Company has issued an
insurance policy which unconditionally
guarantees the payment of that portion of
the principal of and interest on the Series
1998 Bonds which have become due for
payment, but shall be unpaid by reason of
nonpayment by the County.
Pinellas County Bonded Debt
Last Ten Fiscal Years
(Dollars in Thousands)
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
Non-Self Supporting
Revenue Debt (1) $ 178,920 $ 46,510 $ 52,145 $ 68,460 $ 86,120 $103,020 $ 111,620 $ 90,825 $ 138,559 $ 121,447
Self Supporting
Revenue Debt
Total Debt
234,685
262,110
288,150
312,330
299,595
318,755
244,375
256,586
199,555
209,229
$ 413,605 $ 308,620 $ 340,295 $ 380,790 $ 385,715 $421,775 $ 355,995 $347,411 $ 338,114 $ 330,676
$350,000
$300,000
$250,000
$200,000
$150,000
$100,000
$50,000
$2001
2000
1999
1998
1997
1996
Non-Self Supporting Revenue Debt
1995
1994
Self Supporting Revenue Debt
10
1993
1992
Pinellas County Transportation Improvement Revenue Bonds
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
Gross
Revenues
2001
2000
1999
1998
1997
1996
1995
1994
$ 17,572
16,290
16,468
15,461
16,297
16,104
15,465
14,926
$20,000
$18,000
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Expenses
-
Net Revenue
Available for
Debt Service
$
Debt Service Reqirements
Principal
Interest
Total
17,572
16,290
16,468
15,461
16,297
16,104
15,465
14,926
$
5,035
4,800
4,984
4,120
3,945
3,790
4,370
2,270
$
1,737
1,960
1,878
2,729
2,897
3,053
2,534
1,099
$
FY 2001 Transportation Improvement Revenue Bond Activity
Net Revenue Available
Debt Service
11
6,772
6,760
6,862
6,849
6,842
6,843
6,904
3,369
Coverage (a)
2.59x
2.41
2.40
2.26
2.38
2.35
2.24
4.43
Second Guaranteed Entitlement Revenue Bonds
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
Gross
Revenues
$
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
$4,000
Expenses
-
Net Revenue
Available for
Debt Service
$
Debt Service Reqirements
Principal
Interest
Total
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
3,368
$
865
835
805
960
915
820
1,115
1,040
1,290
1,215
$
223
257
288
320
354
268
199
262
327
396
$
FY 2001 2nd Guaranteed Entitlement Bond Activity
$3,500
$3,000
$2,500
$2,000
$1,500
$1,000
$500
$0
Net Revenue Available
Debt Service
12
1,088
1,092
1,093
1,280
1,269
1,088
1,314
1,302
1,617
1,611
Coverage
3.10x
3.09
3.09
2.63
2.65
3.10
2.56
2.59
2.08
2.09
Pinellas County Capital Improvement Revenue Bonds
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
Gross
Revenues
2001
2000
1999
1998
1997
1996
1995
1994
$ 70,498
62,713
58,447
55,946
51,807
49,775
46,624
44,742
Expenses
-
Net Revenue
Available for
Debt Service
$
Debt Service Reqirements
Principal
Interest
Total
70,498
62,713
58,447
55,946
51,807
49,775
46,624
44,742
$ 17,210
13,265
12,580
11,935
11,335
10,770
10,260
$
5,759
730
1,415
2,060
2,660
3,220
3,733
$ 22,969
13,995
13,995
13,995
13,995
13,990
13,993
FY 2001 Capital Improvement Bond Activity
$80,000
$70,000
$60,000
$50,000
$40,000
$30,000
$20,000
$10,000
$0
Net Revenue Available
Debt Service
13
Coverage
3.07x
4.18
4.00
3.70
3.56
3.33
3.20
Pinellas County Solid Waste Resource Recovery System
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
Gross
Revenues
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
$ 69,870
66,816
59,725
63,548
58,483
56,273
52,846
43,078
47,306
46,351
Net Revenue
Available for
Expenses (a) Debt Service
$
32,293
37,730
29,386
28,140
25,572
26,455
24,275
24,264
22,875
21,221
$
Debt Service Reqirements
Principal
Interest
Total
37,577
29,086
30,339
35,408
32,911
29,818
28,571
18,814
24,431
25,130
$ 16,745
15,780
14,895
13,730
10,320
9,575
8,890
8,265
7,700
7,615
$
6,179
7,179
8,103
8,955
10,702
8,745
9,429
10,055
10,622
10,622
$ 22,924
22,959
22,998
22,685
21,022
18,320
18,319
18,320
18,322
18,237
(a) Excludes depreciation, amortization, bad debt and bond interest expense
$40,000
2001 Solid Waste
$35,000
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Net Revenue Available
Debt Service
14
Coverage
1.64x
1.27
1.32
1.56
1.57
1.63
1.56
1.03
1.33
1.38
Pinellas County Sewer System
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
Gross
Revenues
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
$ 52,162
51,118
50,950
53,638
52,684
48,509
43,459
36,375
31,039
35,074
Net Revenue
Available for
Expenses (a) Debt Service
$
22,261
20,534
20,901
21,571
19,496
19,520
18,940
19,128
19,354
19,456
$
Debt Service Reqirements
Principal
Interest
Total
29,901
30,584
30,049
32,067
33,188
28,989
24,519
17,247
11,685
15,618
$
2,485
2,390
1,520
1,465
1,425
1,380
1,145
910
-
$
5,265
5,362
5,437
4,472
4,544
4,585
2,726
1,015
1,553
1,553
$
(a) Excludes depreciation, amortization, bad debt and bond interest expense
2001 Sewer System
$35,000
(dollars in thousands)
$30,000
$25,000
$20,000
$15,000
$10,000
$5,000
$0
Net Revenue Available
Debt Service
15
7,750
7,752
6,957
5,937
5,969
5,965
3,871
1,925
1,553
1,553
Coverage
3.86x
3.95
4.32
5.40
5.56
4.86
6.33
8.96
7.52
10.06
Pinellas County Water System
Schedule of Revenue Bond Coverage
Last ten years
(dollars in thousands)
Fiscal
Year
Gross
Revenues
2001
2000
1999
1998
1997
1996
1995
1994
1993
1992
$ 72,353
73,264
70,710
157,256
61,121
59,559
47,248
45,876
48,369
49,371
Net Revenue
Available for
Expenses (a) Debt Service
$
54,510
48,770
43,460
29,621
27,082
29,240
29,849
22,093
25,269
24,414
$
Debt Service Reqirements
Principal
Interest
Total
17,843
24,494
27,250
127,635
34,039
30,319
17,399
23,783
23,100
24,957
$
8,195
7,870
7,565
7,235
7,150
2,049
1,946
1,859
1,774
1,690
$
1,330
1,663
1,976
2,290
2,489
1,595
1,692
1,784
1,869
1,950
$
(a) Excludes depreciation, amortization, bad debt and bond interest expense
2001 Water System
$20,000
$18,000
(dollars in thousands)
$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$0
Net Revenue Available
Debt Service
16
9,525
9,533
9,541
9,525
9,639
3,644
3,638
3,643
3,643
3,640
Coverage
1.87x
2.57
2.86
13.40
3.53
8.32
4.78
6.53
6.34
6.86