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DSRF |
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In addition, monies made available from the refunding of the prior bonds will be used to fund the DSRF requirements for the series D and E bonds. Even under Fitch's stress case scenario which assumes sub-inflationary toll increases beyond 2017 and very limited traffic growth, the F/ETCA would continue to generate surplus cash flow for some time, but increasing debt service obligations would completely consume all net revenues by about 2030 and possibly deplete the DSRF near the maturity of the bonds. In the event of non-payment by the participants, a draw on the debt service reserve fund (DSRF), the DSRF must be fully replenished by the end of the following month. |
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