Fiscal year end unrestricted cash remained quite healthy, exceeding $1 billion on top of DSRF
balances cumulatively exceeding $500 million.
Aside from UP's Institute of Biology and the DSRF
, the Department of Forest Biological Sciences of UP Los BaNos also helped in the research.
As a result, the DSRF
is often maintained at a level equivalent to the lesser of 10 percent of bond proceeds, Average Annual Debt Service, or Maximum Annual Debt Service (MADS).
The legislated DSRF
will apply GST revenues (as well as net privatisation proceeds and voluntary contributions) to service and reduce the debt; the Government intends thereby to demonstrate its resolve not to finance additional programme spending from increased GST revenues.
The series 2008A-1a and series 2009 A-1a certificates are further secured by a cash-funded debt service reserve fund (DSRF
) sized at MADS.
The bonds are secured by a gross revenue pledge, a mortgage security interest, and DSRFs
The authority maintains approximately $6 million in restricted reserves for maintenance, and a fully cash-funded DSRF
Adequate structural features are further mitigated by ample liquidity via a fully cash-funded 12-month debt service reserve fund (DSRF
), airline reserve deposits, and unrestricted cash balances.
The bond covenants and debt service reserve fund (DSRF
) are comparable to other hubs of similar size.
Debt payments are secured by a revenue pledge of the obligated group (OG), a first mortgage lien on certain property, and a debt service reserve fund (DSRF
Structural features contain adequate coverage tests and a 12-month cash-funded debt service reserve fund (DSRF
The express lanes also hold an additional $24 million of restricted cash in the DSRF
and for maintenance costs.