DEBT CAP A CITY INFORMA TION Debt capacity information is intended to assist users in understanding the Authority’s debt burden and ability to issue additional debt. The ultimate guarantors of Authority debt are its customers, however, availability fees are designed to recover the cost of debt associated with expansion. TABLE 6 Outstanding Debt Coverage – June 30, 2020 Outstanding Debt Virginia Resources Authority (VRA) loans payable Revenue Bonds Total $ 53,914,819 54,348,671 $ 108,263,490 Source: Prince William County Service Authority. TABLE 7 Pledged Revenue Coverage – Last Ten Fiscal Years (in thousands) Senior debt consists of Revenue and Refunding bond issuances which are backed by pledged revenues and, senior debt includes financing agreements entered into with the Virginia Resources Authority. Revenues mean all revenues, receipts and other income derived from the ownership or operation of the Authority, including, without limitation, availability fees and any investment earnings. Through fiscal year 2007, subordinate debt consisted of financing agreements entered into with the VRA. 2020 Pledged revenues Senior debt (1) Principal and interest requirements Senior debt revenue coverage Subordinate debt (1) Principal and interest requirements Total debt revenue coverage $ $ 159,510 $ 7,899 20.19 – 20.19 $ 2019 2018 2017 2016 2015 2014 2013 2012 2011 $ 145,924 $ 145,173 $ 152,595 $ 140,209 $ 141,305 $ 137,450 $ 145,010 $ 134,326 $ 116,662 $ 7,885 $ 7,927 $ 7,927 $ 7,927 $ 8,256 $ 8,544 $ 9,588 $ 10,327 $ 13,393 18.51 – $ 18.51 18.31 – $ 18.31 19.25 – $ 19.25 17.69 – $ 17.69 17.12 – $ 17.12 16.09 – $ 16.09 15.12 – $ 15.12 13.01 – $ 13.01 8.71 – 8.71 (1) Effective with the closing of a new financing agreement with VRA on June 28, 2007, all of the outstanding balances with VRA became parity with the outstanding Revenue and Refunding Bonds debt. See Table 8 and Table 9 for revenue coverage tests as defined by the Revenue Covenant and associated definitions within the Master Bond Indenture. Source: Prince William County Service Authority. # of Customers 94,632 94,632 94,632 Debt Coverage per Customer $ 569.73 574.32 $ 1,144.05 TABLES 6, 7 STATISTICAL SECTION 97
Prince William County Service Authority | 4 County Complex Court Woodbridge, VA 22192
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