Notes to the Financial Statements
NOTE 1 Summary of Significant Accounting Policies Legislative Enactment
The Maryland Transportation Authority (MDTA) was established by Chapter 13 of the Laws of Maryland of 1971. The MDTA is part of the primary government of the State of Maryland (the State) and is reported as a proprietary fund and business-type activity within the State’s financial statements. The law establishes that the MDTA was created to manage the State’s toll facilities, as well as to finance certain revenue-producing transportation projects. The MDTA is responsible for supervising, financing, constructing, operating, maintaining, and repairing the State’s toll facilities in accordance with an Amended and Restated Trust Agreement dated as of September 1, 2007 (the Trust Agreement) and the Supplemental Trust Agreements created with each additional financing during the 2009 through 2024 period. The MDTA is responsible for various projects (the Transportation Facilities Projects, as defined under the Trust Agreement), the revenue from which has been pledged to the payment of the toll revenue bonds issued under the Trust Agreement. The Transportation Facilities Projects consist of the following: • Potomac River Bridge – Harry W. Nice / Thomas “Mac” Middleton Bridge • Chesapeake Bay Bridge – William Preston Lane, Jr. Memorial Bridge • Patapsco Tunnel – Baltimore Harbor Tunnel • Baltimore Outer Harbor Crossing – Francis Scott Key Bridge • Northeastern Expressway – John F. Kennedy Memorial Highway, including the I-95 Express Toll Lanes (I-95 ETL) • Fort McHenry Tunnel • Intercounty Connector (ICC) In addition to the above facilities, the MDTA is permitted to construct and/or operate other projects, the revenues from and for which are also pledged to the payment of the bonds issued under the Trust Agreement unless and until, at the MDTA’s option, such revenue is otherwise pledged. Currently, the Thomas J. Hatem Memorial Bridge (Susquehanna River Bridge) is the only General Account Project as defined under the Trust Agreement. The MDTA is also permitted to finance other projects (the transportation facilities projects, as defined by Maryland Statute), the revenues from and for which are pledged to the payment of bonds issued under various other trust agreements. Non-recourse revenue bonds issued by the MDTA are secured by revenues pledged from or relating to projects that are not secured by toll revenues. Currently outstanding, non-recourse revenue bonds include separate trusts for projects at the Baltimore/Washington International Thurgood Marshall Airport (BWI Marshall Airport) and a State parking facility in Annapolis, Maryland. The currently outstanding non-recourse financings that are not secured under the toll revenue Trust
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 49
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