Niagara Falls Bridge Commission, NY, Toll Bridge System Revenue Bonds
EMMA Link - issuer's most https://emma.msrb.org/Security/Details/AEC2F26AAAF97693414643CDD3F4DE3D5 recent disclosures Bonds Dated Most Recent Update 4/19/19 10/1/14 Date:
Use of Proceeds Proceeds of the Bonds are being used to finance capital improvements to the bridge system.
The Bonds are payable solely from and secured by the net revenues of the System, comprised of the Rainbow Bridge, the Whirlpool Rapids Bridge, and the Lewiston-Queenston Bridge, and the approaches, and Bond Security appurtenant toll collection, customs, immigration and concession facilities. Investors should refer to the official statement for a full description of the security for the Bonds. BAM Insured First Optional Optional CUSIPs Payment Date Principal Amt Coupon Redemption Date Redemption Price 653403CW3 10/1/27 1,115,000 3.125% 10/1/24 100% 653403CX1 10/1/28 1,150,000 3.125% 10/1/24 100% 653403CY9 10/1/29 1,185,000 3.250% 10/1/24 100% 653403CZ6 10/1/30 1,225,000 3.250% 10/1/24 100% 653403DA0 10/1/31 1,265,000 3.375% 10/1/24 100% 653403DB8 10/1/32 1,305,000 3.375% 10/1/24 100% 653403DC6 10/1/33 1,350,000 3.500% 10/1/24 100% 653403DD4 10/1/34 1,400,000 3.500% 10/1/24 100% 653403DE2 10/1/44 17,375,000 4.000% 10/1/24 100% TOTAL 27,370,000
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Total Vehic les State and Local Unemployment Rate 8,000 9.0% 7,000 8.0% 6,000 7.0% 5,000 6.0% Niagara County 4,000 5.0%
(000s) 4.0% NY 3,000 3.0% 2,000 2.0% USA 1,000 1.0% - 0.0% 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017
LIMITATIONS ON USE - SEE PAGE 3 Page 1 of 3 Issuer: Niagara Falls Bridge Commission State: NY County: Niagara Sector: Transportation
Employment by Industry - 2017 Demographic & Economic Information (specify entity for which Employers/Industry data is for) Buffalo-Cheektowaga-Niagara Falls MSA # of People As % of Description % Total As of: 2017 As % of US Employed State Government & Government Enterprises 89,765 13.4% Population 1,136,856
Health care and social assistance 86,754 13.0% % of Population below the Poverty Level 14.6%
Retail trade 72,755 10.9% Unemployment Rate 5.1% 106.3% 104.1%
Accommodation and food services 55,188 8.3% Median Household Income ($) 53,534 85.3% 92.9%
Manufacturing 53,998 8.1% Total Tollroad Vehicles (000) 6,524
*Source: Bureau of Economic Analysis
Net Income After Transfers and Total Debt Other Adjustments 120,000 15,000 100,000 10,000
5,000 80,000
0 60,000
-5,000 ($000) ($000)
-10,000 40,000
-15,000 20,000 -20,000
-25,000 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
Information from Official Statement/Continuing Disclosure Debt Service Coverage Ratio (As Reported) 2.40 Toll Cost per Mile ($) 3.75
2.20 Revenue per Vehicle ($) 3.27
2.00 Total Debt Service Coverage Total Debt 110,959 1.80 Ratio (As Reported) (x)
(x) Senior Lien Debt 110,959 1.60 Total Debt Service Coverage (As Reported) (x) 1.90 1.40 Senior Lien Debt Service Coverage Ratio (As Reported) - 1.20 (x) Unfunded Pension Liability N/A 1.00 2014 2015 2016 2017 2018 Unfunded OPEB Liability N/A
The Commission is comprised of three bridges which traverse the Niagara River linking Ontario, Canada and Niagara County, Location Description: NY LIMITATIONS ON USE - PLEASE SEE PAGE 3 Page 2 of 3 Niagara Falls Bridge Commission, NY
UTILIZATION (000s) 2018 2017 2016 2015 2014
Passenger Vehicles - - - - -
Commercial Vehicles - - - - -
Total Vehicles 6,524 6,262 6,154 6,483 7,422
FINANCIAL DATA ($000)
Fiscal Year End 10/31/18 10/31/17 10/31/16 10/31/15 10/31/14
Auditor Opinion Date 1/8/19 12/20/17 12/23/16 1/25/16 1/26/15
Cash & Short-Term Investments 28,676 22,805 24,031 41,164 51,141
Total Assets 472,488 403,000 398,597 402,558 432,353
Total Liabilities 146,960 77,311 83,421 86,343 92,934
Net Assets 325,528 325,689 315,176 316,215 339,419
STATEMENT OF OPERATIONS ($000)
Passenger Vehicle Toll Rev - - - - -
Commercial Vehicle Toll Rev - - - - -
Net Toll Rev 21,332 20,193 18,039 18,054 18,907
Other Operating Rev 13,106 12,375 12,259 12,951 14,393
Total Operating Rev 34,438 32,568 30,298 31,005 33,300
Total Operating Exp 28,204 27,159 25,425 25,204 26,929
Net Operating Income (Loss) 6,234 5,409 4,873 5,801 6,371
Operating and Non-operating Revenue Over Expenses 3,346 3,303 2,534 3,181 4,657
Net Income After Transfers and Other Adjustments (161) 10,513 (1,039) (23,203) (14,132)
STATEMENT OF CASH FLOWS ($000)
Net Cash from Operating Activities 19,486 12,965 16,540 19,635 18,689
Net Cash from Investment Activities 12,906 (6,362) 9,000 8,938 (26,920)
Net Cash from Financing Activities 51,525 (11,313) (29,365) (32,225) 13,125
Change in Cash & Equivalents 83,917 (4,710) (3,825) (3,652) 4,894
DEBT & LIABILITY ANALYSIS ($000)
Total Debt 110,959 47,354 53,347 59,000 65,563
Total Current Debt Service 9,388 8,226 8,158 9,394 8,119
Senior Lien Debt Service Coverage Ratio (As Reported) (x) - - - - -
Total Debt Service Coverage Ratio (As Reported) (x) 1.90 2.02 1.92 1.74 2.24
FINANCIAL RATIOS
Days Cash on Hand 1,642 1,501 1,561 1,548 1,612
EBIDA 16,827 14,710 14,319 15,199 16,301
NOTES
LIMITATIONS ON USE
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