LONG-TERM LIABILITIES (CONTINUED) NOTE 6
Passenger Facility Charge Revenue Bonds BWI Thurgood Marshall Airport, Series 2019 During the year ended June 30, 2019, the MDTA issued $108,705 of BWI Thurgood Marshall Airport (Qualified Airport Bonds – AMT) Series 2019 Bonds to finance a portion of the costs of certain projects (Airport Facilities Projects) located at BWI Marshall Airport at an all-in true interest cost of 2.80%. The bonds are secured equally and ratably by PFC collections on a parity basis with the other outstanding PFC Bonds. The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, for the year ended June 30, 2024:
Passenger Facility Charge Revenue Bonds, Series 2019
Year Ended June 30, 2025 2026 2027 2028 2029
Principal
Interest
Total
$
4,400 4,615 4,850 5,090 5,345
$ 4,071 3,851 3,620 3,378 3,123 11,394 4,505 $ 33,942
$
8,471 8,466 8,470 8,468 8,468
2030-2034 2035-2039 Total
30,960 37,845 $ 93,105
42,354 42,350 $ 127,047
BWI Airport Consolidated Rental Car Facility Bonds, Series 2002 During the year ended June 30, 2002, the MDTA issued $117,345 of BWI Airport Consolidated Rental Car Facility Taxable Limited Obligation Revenue Bonds, Series 2002 (the Series 2002 Rental Car Facility Bonds) to finance the costs of a rental car facility located in the vicinity of BWI Marshall Airport. The facility is leased to the MAA through a intergovernmental financing lease (see Note 11 for additional information). The Series 2002 Rental Car Facility Bonds are payable solely from Customer Facility Charges (CFC) and contingent rent, if applicable, from the MAA. The CFC rate was increased during the fiscal year from $3.75 per transaction to $5.75 (not in thousands). CFC collections were $12,653 for the fiscal year ended June 30, 2024. The Series 2002 Bonds, issued in accordance with the provisions of the 2002 CFC Trust Agreement, and the interest thereon, 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 CFC and contingent rent, if applicable, which the MDTA receives in the form of intergovernmental financing lease payments. The bonds carry certain financial covenants with which the MDTA must comply. The following summarizes the bonds payable maturities and sinking fund requirements, excluding unamortized premium, for the year ended June 30, 2024:
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 65
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