NOTE 6 LONG-TERM LIABILITIES
NOTE 6 Long-Term Liabilities Changes in long-term liabilities for the year ended June 30, 2024 are summarized as follows:
Balance June 30, 2023
Balance June 30, 2024
Amount Due Within One Year
Additions
Reductions
Revenue Bonds Non-Recourse Financing BWI PFC Bonds BWI Rental Car Facility Bonds Calvert Street Parking Garage Bonds Total bonds payable Unamortized premium Total bonds payable, net Contractors deposits and retainage Accrued annual leave Lease liability Accrued workers' compensation Net pension liability
$ 2,263,932
$ 622,765
$ (776,635)
$ 2,110,062
$
35,740
225,155 64,755 12,352 2,566,194 207,640 2,773,834 28,830 14,450 1,435 17,272 241,431
(59,390) (4,765) (1,165) (841,955) (16,922) (858,877) (18,689) (6,222) (103) (3,377) —
165,765 59,990 11,187 2,347,004 286,103 2,633,107 21,832 16,296 1,332 16,729 277,371
16,560 5,080 1,195 58,575 —
— — — 622,765 95,385 718,150 11,691 8,068 — 2,834 35,939
58,575 13,662
935 115 2,509 —
$ (887,268)
Total
$ 3,077,252
$ 776,682
$ 2,966,667
$ 75,796
Bonds Payable Total bonds payable includes Revenue Bonds issued for capital purposes under the Master Trust Agreement and secured by toll revenues, as well as non-recourse financing issued under separate trust agreements with segregated pledged revenue sources, including PFC Bonds, Rental Car Facility Bonds, and Calvert Street Parking Garage Bonds. Bond proceeds of tax-exempt municipal bond financings are subject to federal arbitrage regulations. The taxable Series 2022 TIFIA loan Revenue Bonds and the taxable non-recourse financing for the Consolidated Rental Car Facility are not subject to arbitrage regulations. Revenue Bonds for Capital Purposes – Series 2009B and 2010B Refinancing During the fiscal year, the $721,000 Series 2009B and 2010B bonds were refinanced with the Series 2024A Bonds. The defeasance occurred on April 5, 2024 with the full call and payoff of the Series 2009B and 2010B bonds. Risk reduction associated with the federal interest subsidy cuts and interest cost savings were realized throught the refinancing. The refinancing achieved gross cash flow savings of $21 million through
2043, approximately $1.1 million annually or $15 million on Net Present Value basis. Non-recourse PFC Series 2012C Revenue Bonds Cash Defeasance
During the fiscal year, the $43,400 Variable Rate Series 2012C PFC Revenue Bonds were cash defeased and are no longer outstanding. The cash funded payoff occurred on September 20, 2023. The $43,000 use of cash reduced the Noncurrent, Restricted Cash and Cash Equivalents for BWI projects reported in Note 3 relative to the prior fiscal year.
60 | Maryland Transportation Authority | Notes to the Financial Statements ($ in thousands)
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