LONG-TERM LIABILITIES (CONTINUED) NOTE 6
Transportation Facilities Projects Revenue Bonds Transportation Facilities Projects Revenue Bonds are issued to finance a portion of tolling facilities capital projects. The Series 2017, 2020, 2021, 2022, 2022 TIFIA and 2024A Revenue Bonds issued in accordance with the provisions of the Trust Agreement, and the interest thereon, do not constitute a debt or a pledge of the full faith and credit of the State of Maryland or the Maryland Department of Transportation (MDOT), but are payable solely from revenues of the MDTA’s Transportation Facilities Projects. The MDTA must remain in compliance with covenants contained in the Trust Agreement, including a rate covenant requiring toll revenues
net of operating expenses to exceed annual debt service by at least 120%. Revenue Bonds outstanding as of June 30, 2024, consisted of the following: Series 2017 Revenue Refunding Bonds Principal payments ranging from $3,850 to $11,030 from July 1, 2018 to July 1, 2040, with coupons ranging from 3.00% to 5.00%, payable semiannually. $ Series 2020 Revenue Bonds Principal payments ranging from $6,735 to $21,565 from July 1, 2022 to July 1, 2050, with coupons ranging from 4.00% to 5.00%, payable semiannually. Series 2021 Revenue Bonds Principal payments ranging from $6,625 to $39,510 from July 1, 2022 to July 1, 2051, with coupons ranging from 2.00% to 5.00%, payable semiannually.
140,770
386,185
723,945
Series 2022 Revenue Refunding Bonds Principal payments ranging from $5,155 to $5,967 from July 1, 2023 to July 1, 2029, with coupons of 2.06%, payable semiannually.
34,043
Series 2022 Revenue Bonds TIFIA Principal payments ranging from $2,153 to $10,683 from July 1, 2024 to July 1, 2054, with coupons ranging from 2.74% to 2.95%, payable semiannually.
202,354
Series 2024A Revenue Refunding Bonds Principal payments ranging from $20,165 to $51,020 from July 1, 2025 to July 1, 2043, with coupons of 5.00%, payable semiannually.
622,765
$ 2,110,062
Total Outstanding
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 61
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