NOTE 6 LONG-TERM LIABILITIES (CONTINUED)
The following summarizes the principal and interest requirements, excluding unamortized premium, for the Series 2017, 2020, 2021, 2022, 2022 TIFIA and 2024A Revenue Bonds for the year ended June 30, 2024.
Toll Revenue Bonds
Year Ended June 30, 2025 2026 2027 2028 2029
Principal
Interest
Total
$
35,740 57,462 60,151 62,912 65,845
$
82,250 85,657 82,929 80,061 77,077 335,533 242,424 134,920
$
117,990 143,119 143,080 142,973 142,922 714,604 733,090 631,085 362,101 159,107 10,835 $ 3,300,906
2030-2034 2035-2039 2040-2044 2045-2049 2050-2054
379,071 490,666 496,165 303,400 147,968 10,683 $ 2,110,062
58,701 11,139 152 $ 1,190,843
2055 Total
Passenger Facility Charge Revenue Bonds (BWI Airport Facilities Projects) Series 2012A, 2012B, 2014, and 2019 The MDTA issued Qualified Airport Bonds secured by Passenger Facility Charge (PFC) revenues in 2012, 2014, and 2019, which are all secured by the PFC Master 2003 Trust Agreement, as amended by supplemental trust agreements with each new bond issue. The BWI Marshall Airport facilities are leased to the Maryland Aviation Administration (MAA) through a intergovernmental financing lease (see Note 11 for additional information). The BWI Qualified Airport Bonds – AMT are payable solely from PFC revenues received by the MAA and deposited with the Trustee (M&T Bank). The PFC rate for fiscal year was $4.50 per enplaned passenger (not in thousands) and PFC collections for the year ended June 30, 2024, were $50,901. The market value of the parity debt service reserve fund for the year ended June 30, 2024, was $19,468, with interest receivables of $74. The PFC Revenue Bonds do not constitute a debt or pledge of the full faith and credit of the State of Maryland, MDOT, or the MAA, but are payable solely from the PFC revenue, which the MDTA receives from MAA in the form of intergovernmental financing lease payments. These bonds carry certain financial covenants with which the MDTA must comply. The total amount of the PFC Revenue Bonds outstanding at June 30, 2024, were as follows:
Series 2012A Series 2012B Series 2014 Series 2019 Total
$ 25,660 22,730 24,270 93,105 $ 165,765
62 | Maryland Transportation Authority | Notes to the Financial Statements ($ in thousands)
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