MDTA Finance and Administration Committee Meeting Materials

MDTA Maryland Transportation Authority

FINANCE AND ADMINISTRATION COMMITTEE

THURSDAY, JUNE 11, 2026

MARYLAND TRANSPORTATION AUTHORITY

2310 BROENING HWY BALTIMORE, MD 21224

FINANCE AND ADMINISTRATION COMMITTEE MEETING AGENDA June 11, 2026 – 9:00 a.m. This meeting will be livestreamed on the Finance and Administration Committee Meeting Archive | MDTA (maryland.gov) NOTE: This is an Open Meeting being conducted via livestreaming. The public is welcomed to watch the meeting at the link listed above. If you wish to comment on an agenda item please email your name, affiliation, and agenda item to cgreen2@mdta.state.md.us no later than noon on Wednesday, June 10, 2026. You MUST pre-register in order to comment . Once you have pre-registered you will receive an email with all pertinent information. AGENDA OPEN SESSION Call to Order

1. Approval May 14, 2026 - Open Session Meeting Minutes 2. Approval May 14, 2026 - Closed Session Meeting Minutes 3. Approval Contract No. J01B6600044 - MDTA Motorola APX 6500 Enhanced Mobile Radios 4. Approval Contract No. J01B6600045 - MDTA Motorola APX Next Portable Radios 5. Approval Financing Resolution 26-02, Series 2026 BWI PFC Bonds 6. Approval FY 2027 Final Operating Budget – Approval of the final operating budget for FY 2027 7. Approval Draft FY 2027–2032 Consolidated Transportation Program –

Chairman von Paris

5 min.

Chairman von Paris

5 min.

Michael Himmer

5 min.

Michael Himmer

5 min.

Yaw Berkoh

5 min.

Chantelle Green

10 min.

Jennifer Stump

10 min.

Includes project additions and changes

8. Approval Debt Policy - Updates to the MDTA's Debt Policy, which establishes

Allen Garman

15 min.

the guidelines for the financing program

Megan Mohan

30 min.

CLOSED SESSION - Expected Time 10: 00 a.m.

T o Discuss Pending Litigation

Vote to Adjourn

Subject to change; revisions to be published

6/11/26

ITEM 1

FINANCE AND ADMINISTRATION COMMITTEE MONTHLY MEETING THURSDAY, MAY 14, 2026 OPEN MEETING VIA LIVESTREAM OPEN SESSION

MEMBERS ATTENDING:

Cynthia Penny-Ardinger Dontae Carroll Jeffrey Rosen John von Paris

STAFF ATTENDING:

Jeffrey Brown Jeffrey P. Davis Allen Garman Bruce Gartner Chantelle Green Anthony Hagen James Harkness Pilar Helm Natalie Henson Kendra Joseph

Walter Laun Jim Loukas

Megan Mohan, Esq. Kenneth Montgomery Tina Nagurski Timothy Sheets

Cheryl Sparks Jennifer Stump Paul Truntich Agnes Vadasz Clayton Viehweg

At 9:02 a.m., Member John von Paris, Chair of the Finance and Administration Committee, called the Finance and Administration Committee Meeting to order.

APPROVAL - OPEN MEETING MINUTES FROM APRIL 9, 2026 MEETING Member John von Paris called for the approval of the minutes from the open meeting held on April 9, 2026. Member Cynthia Penny-Ardinger made the motion, and Member Dontae Carroll seconded the motion, which was unanimously approved.

OPEN SESSION MAY 14, 2026 PAGE TWO OF FIVE

APPROVAL – CLOSED MEETING MINUTES FROM APRIL 9, 2026 MEETING Member von Paris called for the approval of the minutes from the closed meeting held on April 9, 2026. Member Jeffrey Rosen made the motion, and Member Carroll seconded the motion, which was unanimously approved. APPROVAL – CONTRACT No. MT- 00211593 - FACILITYWIDE HAZMAT DISPOSAL AND ABATEMENT SERVICES Paul Truntich requested a recommendation of approval from the Finance and Administration Committee to present Contract No. MT-00211593, Facility Wide Hazmat Disposal and Abatement Services, to the full Maryland Transportation Authority (MDTA) Board at its next scheduled meeting. This contract calls for the periodic decontamination, abatement and/or disposal of biological/medical/infectious hazards, hazardous materials, hazardous wastes (including universal wastes), unidentified wastes, regulated wastes and non-regulated/industrial wastes for the MDTA’s facilities. Mr. Truntich advised that four (4) bids were received, however one bid was rejected for being non-responsive. The responsive and responsible bidder with the lowest total overall price, Kalyani Environmental Solutions, LLC, is being recommended for award of this contract. The bid price for this contract is $1,967,550.00. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Ardinger made the motion, and Member Rosen seconded the motion, which was unanimously approved. APPROVAL – CONTRACT No. CC-00211584 – ROAD RAKE MODEL 200T ROADWAY LITTER COLLECTOR Jim Loukas requested a recommendation of approval from the Finance and Administration Committee to present Contract No. CC-00211584, Road Rake Model 200T Roadway Litter Collector, to the full MDTA Board at its next scheduled meeting. This contract is for the provision of three (3) Road Rake Roadway Litter Collection Machines. The machines will be used to maintain the MDTA roadways by removing debris and other road hazards, such as wood, mufflers, retreads, animal carcasses, and other large debris. Mr. Loukas advised that the machines are being procured via a Sole Source procurement due to the specialized design and operational capabilities of the equipment, which are not readily available from other manufacturers. The Road Rake Machines are unique in that they can operate safely at low speeds while maintaining traffic flow and have a large-capacity hopper with a hydraulic dumping mechanism. These features increase efficiency by enabling longer collection runs and reducing the frequency of returns to debris disposal locations. The machine’s features also increase roadway safety by minimizing lane closures and worker exposure to live traffic. The estimated value of this one-time purchase contract is $280,836.00.

OPEN SESSION MAY 14, 2026 PAGE THREE OF FIVE

Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Ardinger made the motion, and Member Carroll seconded the motion, which was unanimously approved. APPROVAL – INVESTMENT COMMITTEE REPORT Mr. Clayton Viehweg presented the Investment Committee Report for the three-month period ended March 31, 2026. The report included a review of market conditions, policy compliance, portfolio strategies, and total return performance. The report also discussed certain market drivers that may influence portfolio performance in the coming months, including the economy, fiscal policy, and Federal Reserve monetary policy. At the conclusion of the presentation, Mr. Viehweg requested a recommendation of approval from the Finance and Administration Committee’s concurrence and recommendation to move to the full MDTA Board for approval of the continuation of investment strategy and benchmark indices. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Carroll made the motion, and Member Rosen seconded the motion, which was unanimously approved. UPDATE - THIRD QUARTER OPERATING BUDGET VERSUS ACTUAL SPENDING Mr. Jeffrey Brown updated the Finance and Administration Committee on actual versus projected year-to-date spending for the third quarter of FY 2026. As of March 31, 2026, 66% of the operating budget was spent compared to the target of 75%. Except for Fixed Charges, all Object Codes were at or below budget. The seasonality of the expenses, the timing of invoices, and the cost pressures in IT and insurance impacted third quarter performance. UPDATE – THIRD QUARTER CAPITAL BUDGET VERSUS ACTUAL SPENDING Ms. Jennifer Stump updated the Finance and Administration Committee on actual year-to- date spending for the third quarter compared to projected spending as shown in the FY 2026 - 2031 Draft Consolidated Transportation Program. As of March 31, 2026, 44.5% of the FY 2026 capital budget was spent as compared to the target of 75%. The total budget for FY 2026 is $1.1 billion. Actual spending through the third quarter totaled $512.9 million.

OPEN SESSION MAY 14, 2026 PAGE FOUR OF FIVE

UPDATE – CTP PROCESS/ADDITIONS Jennifer Stump provided the Finance and Administration Committee with an overview of the MDTA’s Consolidated Transportation Program (CTP) process and an update of additions to the capital program. The CTP is released yearly and presents the MDTA’s ongoing and new capital projects for a six-year rolling period for all MDTA facilities. Following the MDTA Board’s approval of the Draft CTP in June of each year, the CTP is presented to local elected officials and citizens throughout the State of Maryland for review and comment. When the Final CTP is approved by the MDTA Board in November, it becomes part of the Governor’s budget to the Maryland General Assembly in January of the following year. This process is required by statute and applies to the MDTA and the Maryland Department of Transportation modes. Ms. Stump explained that projects in the CTP are categorized into three programs (1) the System Preservation – Minor Projects Program; (2) the Development and Evaluation (D&E) Program - Major Projects; and (3) the Construction Program. The three programs include ongoing projects and projects scheduled to begin construction within the six-year period. The D&E program includes major projects that are being prepared for possible future addition to the Construction Program. Projects are moved from the D&E Program to the Construction Program as funds and resources become available, based on the merits of the projects. MDTA’s capital projects originate from a variety of sources such as (1) long range capital needs; (2) inspection findings; (3) regulatory compliance; (4) increased capacity needs; and (5) local priority letters/legislative requests. Once identified, projects are prioritized based on customer needs for safety and security, or increased capacity through improvements, or system preservation. Ms. Stump reported that the FY 2027-2032 Draft CTP includes eleven (11) new projects. The proposed projects will be presented to the MDTA Board for approval at a subsequent meeting. Funding availability to budget for identified projects is based on the MDTA’s six- year financial forecast, which considers estimates of traffic and revenue (prepared annually), the operating budget and capital budget, debt service payments, the potential need for future bond sales and toll increases, and compliance with financial standards (Trust Agreement covenant, debt service coverage, unrestricted cash balance). UPDATE – THIRD QUARTER TRAFFIC AND REVENUE UPDATE Mr. Walter Laun provided the Finance and Administration Committee with a quarterly and year-to-date update regarding traffic and toll revenue trends compared to the previous year and the forecast. The key takeaway regarding year-to-date traffic and revenue performance was that for the period ending March 31, 2026, actual toll revenue collected (in-lane and administrative toll) was below forecast by $9.0 million. The underperformance was mostly due to the delayed posting of $20.1 million in video toll and civil penalty fee payments. After accounting for the timing difference, actual revenue was $11.2 million above forecast.

OPEN SESSION MAY 14, 2026 PAGE FIVE OF FIVE

VOTE TO GO INTO CLOSED SESSION At 9:53 a.m., upon motion by Member Penny-Ardinger and seconded by Member Rosen, the Members voted unanimously to move into Closed Session under §3-305(b)(14) of the General Provisions Article of the Annotated Code of Maryland to discuss a matter related to contract negotiations. RETURN TO OPEN SESSION At 10:51 a.m., the Finance and Administration Committee returned to Open Session. Member von Paris stated that there were no actions to ratify from the Closed Session . There being no further business, the meeting of the Finance Committee adjourned at 10:51 a.m., following a motion by Member Rosen and seconded by Member Carroll.

John von Paris, Chairman

ITEM 2

CLOSED SESSION MINUTES

ITEM 3

Wes Moore, Governor Aruna Miller, Lt. Governor Kathryn Thomson, Chair

Maryland SM Transportation Authority

Board Members: Dontae Carroll Maricela Cordova William H. Cox, Jr.

Jeffrey S. Rosen

Samuel . Snead, MCP, MA

John F. von Paris Cynthia . Penny-Ardinger Frank S. Waesche Ill

Bruce Gartner, Executive Director

MEMORANDUM

TO:

Finance & Administration Committee Radio Shop Manager Michael Himmer

FROM:

SUBJECT:

J01B6600044 – MDTA Motorola APX 6500 Enhanced Mobile Radios

DATE:

June 11, 2026

PURPOSE OF MEMORANDUM To seek approval from the Finance & Administration Committee to present the award recommendation for PORFP No. J01B6600044, Motorola APX 6500 enhanced mobile radio communications equipment, to the full MDTA Board at its next scheduled meeting. SUMMARY This procurement is for the purchase of Motorola APX 6500 enhanced mobile radio communications equipment, including warranties, for the MDTA Police. The equipment will support the MDTA Police's communication needs, ensuring efficient and reliable operations for law enforcement and emergency response activities. The procurement was issued as a request for proposal (PORFP) under the Department of Information Technology (DoIT) Radio Communication 2018 Master Contract. It was advertised to eight (8) authorized Master Contractors who can provide Motorola products. Motorola Solutions, Inc. was the sole Offeror. The estimated value of this one-time purchase contract is $852,742.00. As this contract falls under MDTA’s delegated authority, the award of this contract will be pending approval at the next available full MDTA Board scheduled meeting. RECOMMENDATION(S) The approval of the Finance & Administration Committee to present the award recommendation for PORFP No. J01B6600044, Motorola APX 6500 enhanced mobile radio communications equipment, to the full MDTA Board at its next scheduled meeting. ATTACHMENT(S) • Finance & Administration Committee Project Summary

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FINANCE & ADMINISTRATION COMMITTEE PROJECT SUMMARY J01B6600044 - MDTA Motorola APX 6500 Enhanced Mobile Radios

Maryland Transportation Authority

PIN NUMBER

TBD

CONTRACT NUMBER CONTRACT TITLE

J01B6600044

MDTA Motorola APX 6500 Enhanced Mobile Radios

This procurement is for the purchase of Motorola APX 6500 enhanced mobile radio communications equipment, including warranties, for the MDTA Police. The equipment will support the MDTA Police's communication needs, ensuring efficient and reliable operations for law enforcement and emergency response activities. The procurement was issued as a request for proposal (PORFP) under the Department of Information Technology (DoIT) Radio Communication 2018 Master Contract. It was advertised to eight (8) authorized Master Contractors who can provide Motorola products. Motorola Solutions, Inc. was the sole Offeror. The estimated value of this one-time purchase contract is $852,742.00.

PROJECT SUMMARY

ADVERTISED PROPOSED

GOAL (%)

SCHEDULE

MBE PARTICIPATION

OVERALL MBE

ADVERTISEMENT DATE ANTICIPATED NTP DATE DURATION (CALENDER DAYS)

0.00% 0.00% 0.00% 0.00%

4/9/2026 6/29/2026

AFRICAN AMERICAN ASIAN AMERICAN

VSBE

BID AMOUNT % VARIANCE

BID RESULTS

($)

TO EE

($)

ENGINEER'S ESTIMATE (EE)

Motorola Solutions, Inc.

$880,220.00

$852,742.00

-3.12%

YES

☐

☑

BID PROTEST

ITEM 4

Wes Moore, Governor Aruna Miller, Lt. Governor Kathryn Thomson, Chair

Maryland SM Transportation Authority

Board Members: Dontae Carroll Maricela Cordova William H. Cox, Jr.

Jeffrey S. Rosen

Samuel D. Snead, MCP, MA

John F. von Paris Cynthia . Penny-Ardinger Frank S. Waesche Ill

Bruce Gartner, Executive Director

MEMORANDUM

TO:

Finance & Administration Committee Radio Shop Manager Michael Himmer

FROM:

SUBJECT:

J01B6600045 - MDTA Motorola APX Next Portable Radios

DATE:

June 11, 2026

PURPOSE OF MEMORANDUM To seek approval from the Finance & Administration Committee to present the award recommendation for PORFP No. J01B6600045, Motorola APX Next portable radio communications equipment, to the full MDTA Board at its next scheduled meeting. SUMMARY This procurement is for the purchase of Motorola APX Next portable radio communications equipment, including warranties, for the MDTA Police. The equipment will support the MDTA Police's communication needs, ensuring efficient and reliable operations for law enforcement and emergency response activities. The procurement was issued as a request for proposal (PORFP) under the Department of Information Technology (DoIT) Radio Communication 2018 Master Contract. It was advertised to eight (8) authorized Master Contractors who can provide Motorola products. Motorola Solutions, Inc. was the sole Offeror. The estimated value of this one-time purchase contract is $6,820,042.39. As this contract falls under MDTA’s delegated authority, the award of this contract will be pending approval at the next available full MDTA Board scheduled meeting. RECOMMENDATION(S) The approval of the Finance & Administration Committee to present the award recommendation for PORFP No. J01B6600045, Motorola APX Next portable radio communications equipment, to the full MDTA Board at its next scheduled meeting. ATTACHMENT(S) • Finance & Administration Committee Project Summary

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

FINANCE & ADMINISTRATION COMMITTEE PROJECT SUMMARY J01B6600045 - MDTA Motorola APX Next Portable Radios

Maryland Transportation Authority

PIN NUMBER

TBD

CONTRACT NUMBER CONTRACT TITLE

J01B6600045

MDTA Motorola APX Next Portable Radios

This procurement is for the purchase of Motorola portable radio communications equipment, including warranties, for the MDTA Police. The equipment will support the MDTA Police's communication needs, ensuring efficient and reliable operations for law enforcement and emergency response activities. The procurement was issued as a request for proposal (PORFP) under the Department of Information Technology (DoIT) Radio Communication 2018 Master Contract. It was advertised to eight (8) authorized Master Contractors who can provide Motorola products. Motorola Solutions, Inc. was the sole Offeror. The estimated value of this one-time purchase contract is $6,820,042.39.

PROJECT SUMMARY

ADVERTISED PROPOSED

GOAL (%)

SCHEDULE

MBE PARTICIPATION

ADVERTISEMENT DATE ANTICIPATED NTP DATE DURATION (CALENDER DAYS)

OVERALL MBE

4/22/2026 6/29/2026

0.00% 0.00% 0.00% 0.00%

AFRICAN AMERICAN ASIAN AMERICAN

VSBE

BID AMOUNT % VARIANCE

BID RESULTS

($)

TO EE

($)

ENGINEER'S ESTIMATE (EE)

Motorola Solutions, Inc.

$7,569,850.00

$6,820,042.39

-9.91%

YES

☐

☑

BID PROTEST

ITEM 5

Wes Moore, Governor Aruna Miller, Lt. Governor Kathryn Thomson, Chair

Maryland ,M Transportation Authority

Board Members: Dontae Carroll Maricela Cordova William H. Cox, Jr.

Jeffrey S. Rosen

Samuel . Snead, MCP, MA

John F. von Paris Cynthia . Penny-Ardinger Frank S. Waesche Ill

Bruce Gartner, Executive Director

MEMORANDUM

TO:

Finance and Administration Committee Director of Treasury and Debt Kevin Cullity Debt Administrator Yaw Berkoh MAA Chief Tanya Wojtulewicz

FROM:

SUBJECT:

MDTA Board Resolution 26-02, New Bond Financing and Refinancing

DATE:

June 11, 2026

PURPOSE OF MEMORANDUM To explain the purpose of Maryland Transportation Authority (MDTA) Board Resolution 26-02 for Municipal Financing and request recommendation of the Finance and Administration Committee to present the authorizing resolution to the full Board for approval. The delegated authority updates the previously approved Resolution 26-01 to add partial refinancings of the Series 2012 and 2014 bonds for economic savings. The updated resolution continues to authorize the issuance of new Passenger Facility Charge (PFC) backed bonds to finance a portion of BWI Airport capital projects in fiscal 2027 and 2028. The PFC revenue backed bonds are issued under a separate trust agreement and are solely secured by PFC revenues. SUMMARY The Municipal Financing Resolution authorizes the issuance of up to $130 million of bonds to finance a portion of capital projects for an approximately two-year period through fiscal 2028 and refinance portions of the Series 2012/2014 bonds for economic savings. The financing is expected during the second half of calendar 2026 and will be sized to account for the capital program, passenger facility charge revenues, bond premium, debt service reserve funding, and costs of issuance. o Design – New Air Traffic Control Tower o Capacity Project – Concourse D/E Bag Claim Expansion

2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com

Resolution 26-02, Municipal Financing Page Two o State of Good Repair Projects • Concourse C/D Connector

• Concourse C/D Baggage Handling System • Concourse B Projects – Roof Replacement, Passenger Movement Modernization (Terminal Vestibule Doors, Elevators, Escalators, Moving Walkways) The projects and the PFC backed bonds are expected to receive approval from the Federal Aviation Administration in summer 2026. The $130 million limit contained in the resolution is based on forecasts submitted by the Maryland Aviation Administration (MAA). The Executive Director and Chief Financial Officer (CFO) will have the authority to manage the bond sale and closing, including the award of the 2026 bonds to the successful underwriting firm(s) or negotiation of terms for a private placement. The resolution also provides for authority to select other service providers and to prepare and execute all closing documents, certificates, and bond forms. Resolution 26-02 contains the following limiting and reporting provisions: 1. Par Amount – Limited to $130 million. 2. Final Maturity Date, Refinancing Bonds – In compliance with IRS regulations, no later than the final June 1, 2034 maturity date of the Series 2014 bonds. 3. Bond Sale Date – No later than December 31, 2026. 4. Bond Sale Reports on Results – Provided by the Executive Director and CFO at the first Board meetings after the sale dates. RECOMMENDATION Management requests the Finance and Administration Committee’s concurrence and recommendation to move to the full board for approval of the Municipal Financing Resolution. ATTACHMENTS

Series 2012A Amortization Table Series 2014 Amortization Table Series 2012A/2014 Refinancing Savings Example Board Resolution 26-02, Municipal Financing

Resolution 26-02, Municipal Financing Page Three

MDTA PFC Series 2012A Bonds Period Pincipal

Coupon

Interest

Debt Service Annual Debt Service

6/1/2012 12/1/2012 6/1/2013 12/1/2013 6/1/2014 12/1/2014 6/1/2015 12/1/2015 6/1/2016 12/1/2016 6/1/2017 12/1/2017 6/1/2018 12/1/2018 6/1/2019 12/1/2019 6/1/2020 12/1/2020 6/1/2021 12/1/2021 6/1/2022 12/1/2022 6/1/2023 12/1/2023 6/1/2024 12/1/2024 6/1/2025 12/1/2025 6/1/2026 12/1/2026 6/1/2027 12/1/2027 6/1/2028 12/1/2028 6/1/2029 12/1/2029 6/1/2030 12/1/2030 6/1/2031 12/1/2031 6/1/2032

235,872.50

1,179,362.50 1,179,362.50

1,795,000

4.00% 1,179,362.50 2,974,362.50

4,153,725.00

1,143,462.50 1,143,462.50

1,835,000

4.00% 1,143,462.50 2,978,462.50

4,121,925.00

1,106,762.50 1,106,762.50

1,870,000

4.00% 1,106,762.50 2,976,762.50

4,083,525.00

1,069,362.50 1,069,362.50

1,905,000

5.00% 1,069,362.50 2,974,362.50

4,043,725.00

1,021,737.50 1,021,737.50

1,965,000

5.00% 1,021,737.50 2,986,737.50

4,008,475.00

972,612.50

2,025,000

5.00%

972,612.50 2,997,612.50

3,970,225.00

921,987.50

2,085,000

5.00%

921,987.50 3,006,987.50

3,928,975.00

869,862.50

2,165,000

5.00%

869,862.50 3,034,862.50

3,904,725.00

815,737.50

2,255,000

5.00%

815,737.50 3,070,737.50

3,886,475.00

759,362.50

2,345,000

5.00%

759,362.50 3,104,362.50

3,863,725.00

700,737.50

2,440,000

5.00%

700,737.50 3,140,737.50

3,841,475.00

639,737.50

2,560,000

5.00%

639,737.50 3,199,737.50

3,839,475.00

575,737.50

2,690,000

5.00%

575,737.50 3,265,737.50

3,841,475.00

508,487.50

2,820,000

5.00%

508,487.50 3,328,487.50

3,836,975.00

437,987.50

2,965,000

5.00%

437,987.50 3,402,987.50

3,840,975.00

363,862.50

3,110,000

5.00%

363,862.50 3,473,862.50

3,837,725.00

286,112.50

3,265,000

4.00%

286,112.50 3,551,112.50

3,837,225.00

220,812.50

3,430,000

4.00%

220,812.50 3,650,812.50

3,871,625.00

152,212.50

3,600,000

4.13%

152,212.50 3,752,212.50

3,904,425.00

77,962.50 77,962.50

77,962.50 3,857,962.50

3,780,000 50,905,000

4.13%

3,935,925.00 78,788,672.50

Total

27,883,672.50 78,788,672.50

Resolution 26-02, Municipal Financing Page Four

2014 PFC Series 2014 Debt Service

Year

Semiannual Debt Service

Annual Debt

Principal Coupon

Interest

Ending

Service

14,217,381 $1,335,454

6/1/2015 12/1/2015 6/1/2016 12/1/2016 6/1/2017 12/1/2017 6/1/2018 12/1/2018 6/1/2019 12/1/2019 6/1/2020 12/1/2020 6/1/2021 12/1/2021 6/1/2022 12/1/2022 6/1/2023 12/1/2023 6/1/2024 12/1/2024 6/1/2025 12/1/2025 6/1/2026 12/1/2026 6/1/2027 12/1/2027 6/1/2028 12/1/2028 6/1/2029 12/1/2029 6/1/2030 12/1/2030 6/1/2031 12/1/2031 6/1/2032 12/1/2032 6/1/2033 12/1/2033 6/1/2034

$620,000 3.000%

$715,453.98 780,771.88 780,771.88 752,871.88 752,871.88 723,871.88 723,871.88 686,246.88 686,246.88 646,746.88 646,746.88 605,246.88 605,246.88 561,621.88 561,621.88 515,871.88 515,871.88 467,746.88 467,746.88 437,446.88 437,446.88 404,946.88 404,946.88 370,090.63 370,090.63 334,096.88 334,096.88 294,109.38 294,109.38 252,721.88 252,721.88 209,846.88 209,846.88 163,900.00 163,900.00 111,400.00 111,400.00 56,800.00 56,800.00

$1,335,454 780,772 2,175,772 752,872 2,202,872 723,872 2,228,872 686,247 2,266,247 646,747 2,306,747 605,247 2,350,247 561,622 2,391,622 515,872 2,440,872 467,747 2,487,747 437,447 2,517,447 404,947 2,549,947 370,091 2,585,091 334,097 2,619,097 294,109 2,659,109 252,722 2,702,722 209,847 2,744,847 163,900 2,788,900 111,400 2,841,400

1,395,000 4.000%

2,956,544

1,450,000 4.000%

2,955,744

1,505,000 5.000%

2,952,744

1,580,000 5.000%

2,952,494

1,660,000 5.000%

2,953,494

1,745,000 5.000%

2,955,494

1,830,000 5.000%

2,953,244

1,925,000 5.000%

2,956,744

2,020,000 3.000%

2,955,494

2,080,000 3.125%

2,954,894

2,145,000 3.250%

2,954,894

2,215,000 3.250% - 2,285,000 3.500% - 2,365,000 3.500% - 2,450,000 3.500% - 2,535,000 3.625% - 2,625,000 4.000% - 2,730,000 4.000% - 2,840,000 4.000%

2,955,181

2,953,194

2,953,219

2,955,444

2,954,694

2,952,800

56,800

2,896,800

2,953,600

Total

$ 40,000,000

17,468,166.64 $ 57,468,166.64 $ 57,468,166.64

Resolution 26-02, Municipal Financing Page Five

Current Refunding of Series 2012A - Series 2026B (AMT)

Refunded Debt Service

Maturity Date

Prior Debt Service

New Principal

New Interest

New Debt Service 3,675,000 3,673,250 3,674,750 3,709,000 3,739,000 3,769,500

Total Debt Service 3,675,000 3,673,250 3,674,750 3,709,000 3,739,000 3,769,500

Savings

6/1/2027 3,840,975 3,840,975 2,735,000 940,000 6/1/2028 3,837,725 3,837,725 2,870,000 803,250 6/1/2029 3,837,225 3,837,225 3,015,000 659,750 6/1/2030 3,871,625 3,871,625 3,200,000 509,000 6/1/2031 3,904,425 3,904,425 3,390,000 349,000 6/1/2032 3,935,925 3,935,925 3,590,000 179,500

165,975 164,475 162,475 162,625 165,425 166,425

6/1/2033 6/1/2034

0 0

18,800,000 3,440,500 22,240,500

22,240,500

987,400

Current Refunding of Series 2014 - Series 2026C (AMT)

Refunded Debt Service

Maturity Date

Prior Debt Service

New Principal

New Interest 706,500 706,500

New Debt Service

Total Debt Service 3,073,462 3,071,475 2,781,500 2,789,750 2,783,500 2,784,000 2,783,750 2,782,500 22,849,938

Savings

6/1/2027 2,955,181 588,219 6/1/2028 2,953,194 588,219

0 0

706,500 706,500

-118,281 -118,281 171,719 165,694 171,194 168,800 169,050 171,100 780,994

6/1/2029 2,953,219 2,953,219 2,075,000 706,500 6/1/2030 2,955,444 2,953,444 2,185,000 602,750 6/1/2031 2,954,694 2,954,694 2,290,000 493,500 6/1/2032 2,952,800 2,952,800 2,405,000 379,000 6/1/2033 2,952,800 2,952,800 2,525,000 258,750 6/1/2034 2,953,600 2,953,600 2,650,000 132,500

2,781,500 2,787,750 2,783,500 2,784,000 2,783,750 2,782,500

14,130,000 3,986,000 18,116,000

Combined Refunding of 2012A and 2014 Bonds

Refunded Debt Service

Maturity Date

Prior Debt Service

New Principal

New Interest

New Debt Service

Total Debt Service 6,748,462 6,744,725 6,456,250 6,498,750 6,522,500 6,553,500 2,783,750 2,782,500 45,090,438

Savings

6/1/2027 6,796,156 4,429,194 2,735,000 1,646,500 4,381,500 6/1/2028 6,790,919 4,425,944 2,870,000 1,509,750 4,379,750 6/1/2029 6,790,444 6,790,444 5,090,000 1,366,250 6,456,250 6/1/2030 6,827,069 6,825,069 5,385,000 1,111,750 6,496,750

47,694 46,194 334,194 328,319 336,619 335,225 169,050 171,100

6/1/2031 6,859,119 6,859,119 5,680,000 842,500 6/1/2032 6,888,725 6,888,725 5,995,000 558,500 6/1/2033 2,952,800 2,952,800 2,525,000 258,750 6/1/2034 2,953,600 2,953,600 2,650,000 132,500

6,522,500 6,553,500 2,783,750 2,782,500

32,930,000 7,426,500 40,356,500

1,768,394

M ARYLAND T RANSPORTATION A UTHORITY R ESOLUTION 26-02

A R ESOLUTION REGARDING THE ISSUANCE BY THE M ARYLAND T RANSPORTATION A UTHORITY ( THE “MDTA”) OF ONE OR MORE SERIES OF ITS S PECIAL O BLIGATION P ASSENGER F ACILITY C HARGE R EVENUE B ONDS B ALTIMORE /W ASHINGTON I NTERNATIONAL T HURGOOD M ARSHALL A IRPORT ( THE “S ERIES 2026 PFC B ONDS ”) FOR THE PURPOSE OF ( I ) FINANCING AND REFINANCING THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF CERTAIN AIRPORT FACILITY PROJECTS , ( II ) REFUNDING CERTAIN OUTSTANDING OBLIGATIONS OF THE MDTA ISSUED FOR THE PURPOSE OF FINANCING AND REFINANCING THE ACQUISITION , CONSTRUCTION AND EQUIPPING OF CERTAIN AIRPORT FACILITY PROJECTS , ( III ) FUNDING DEBT SERVICE RESERVE FUNDS , AND ( IV ) PAYING THE COSTS RELATED TO ISSUANCE OF THE S ERIES 2026 PFC B ONDS ; APPROVING THE PREPARATION AND DISTRIBUTION OF THE PRELIMINARY AND FINAL OFFICIAL STATEMENTS , A SUPPLEMENTAL TRUST AGREEMENT , A FINANCING AGREEMENT , AN ESCROW DEPOSIT AGREEMENT , A LEASING AGREEMENT AND ANY OTHER NECESSARY AND APPROPRIATE TRANSACTION DOCUMENTS ; AUTHORIZING THE SOLICITATION AND SELECTION OF PROVIDERS OF PROFESSIONAL SERVICES ; AUTHORIZING CERTAIN OFFICERS TO DETERMINE MATTERS PERTAINING TO THE SALE AND ISSUANCE OF THE S ERIES 2026 PFC B ONDS , INCLUDING THE FINANCING STRUCTURE AND TERMS ; AND AUTHORIZING , SPECIFYING , DETERMINING AND APPROVING CERTAIN OTHER MATTERS PERTAINING TO THE S ERIES 2026 PFC B ONDS . W HEREAS , the Maryland Transportation Authority, an agency of the State of Maryland (the “ MDTA ”) is authorized under Sections 4-101 through 4-406 of the Transportation Article of the Annotated Code of Maryland (2020 Replacement Volume, as amended and supplemented from time to time) (the “ Act ”) to finance “transportation facilities projects” (as defined in the Act), to issue revenue bonds for the purpose of financing the cost of transportation facilities projects (which includes airport facilities), to issue revenue bonds for the purpose of financing and refinancing transportation facilities projects and to perform any actions necessary or convenient to carry out the powers granted in the Act; and W HEREAS , the Maryland Aviation Administration, an agency of the State of Maryland and a unit within the Maryland Department of Transportation (the “ MDOT MAA ”) is authorized pursuant to Section 5-404 of the Transportation Article of the Annotated Code of Maryland (2020 Replacement Volume, as amended and supplemented from time to time) to establish or operate airports and airport facilities utilizing funds available under the Act; and W HEREAS , the MDOT MAA requested that the MDTA issue one or more series of its Special Obligation Passenger Facility Charge Revenue Bonds Baltimore/Washington International Thurgood Marshall Airport (the “ Series 2026 PFC Bonds ”) for the purpose of financing and refinancing improvements at Baltimore/Washington International Thurgood Marshall Airport (“ BWI Marshall Airport ”) and refunding certain outstanding revenue bonds issued for airport facilities; and W HEREAS , the MDTA entered into the Trust Agreement dated as of December 1, 2003 (as previously amended and supplemented, the “ PFC Trust Agreement ”), with

R ESOLUTION 26-02 Page 2

Manufacturers and Traders Trust Company, as trustee, to issue revenue bonds secured by passenger facility charge revenues generated from the operation of the airport facilities at BWI Marshall Airport (the “ PFC Revenues ”); and W HEREAS , pursuant to Sections 2.01 and 2.05 of the PFC Trust Agreement, the MDTA has issued its Passenger Facility Charge Revenue Bonds, Series 2012A, dated April 25, 2012 (the “ Series 2012A PFC Bonds ”), its Passenger Facility Charge Revenue Bonds, Series 2012B, dated December 13, 2012 (the “ Series 2012B PFC Bonds ”), its Passenger Facility Charge Revenue Bonds, Series 2014, dated December 18, 2014 (the “ Series 2014 PFC Bonds ”) and its Passenger Facility Charge Revenue Bonds, Series 2019, dated June 19, 2019 (the “ Series 2019 PFC Bonds ” and, together with the Series 2012A PFC Bonds, the Series 2012B PFC Bonds and the Series 2014 PFC Bonds, the “ Outstanding Prior Bonds ”) for the purpose of financing improvements to certain Airport Facilities Projects (as defined in the PFC Trust Agreement); and W HEREAS , the MDOT MAA has asked the MDTA to issue the Series 2026 PFC Bonds for the purpose of financing two state of good repair projects, one capacity project, and the design for a new Air Traffic Control Tower, Concourse C/D Connector and Baggage Handling System (collectively referred to herein as the “ 2026 PFC Projects ”). The state of good repair projects to be financed with the Series 2026 PFC Bonds include the Concourse B Roof Replacement and Terminal wide Passenger Movement Modernization (Terminal Vestibule Doors, Elevators, Escalators, Moving Walkways). The capacity project to be financed with the Series 2026 PFC Bonds is for a Concourse D/E Bag Claim Expansion. WHEREAS , Section 2.05 of the PFC Trust Agreement provides that the MDTA may from time to time issue Additional Bonds (as defined in the PFC Trust Agreement) in accordance with the terms and conditions set forth in the PFC Trust Agreement for the purpose of paying all or any part of the cost of any additional Airport Facilities Projects (as defined in the PFC Trust Agreement) or (ii) providing funds for refunding all or a portion of the bonds then outstanding of any or all series, whether or not such bonds are then subject to redemption, including providing for the payment of any redemption premium due or to become due thereon, interest to accrue to the selected redemption or maturity date, any serial maturities to become due prior to the selected redemption or maturity date and any expenses in connection with such refunding; and W HEREAS , the MDTA desires to adopt this Resolution to authorize the execution and delivery of a supplement to the PFC Trust Agreement (the “ Supplemental PFC Trust Agreement ”) that will include, among other provisions, the terms of the Series 2026 PFC Bonds as Additional Bonds, the pledge of PFC Revenues as security for the Series 2026 PFC Bonds, other legally available revenues generated from operation of the airport facilities, as deemed appropriate by the Executive Director of the MDTA (the “ Executive Director ”); and W HEREAS , the MDTA desires to authorize the issuance of one or more additional series of PFC Bonds, for the purpose of (i) financing and refinancing the costs of the 2026

R ESOLUTION 26-02 Page 3

PFC Projects, (ii) refunding all or a portion of the Outstanding Prior Bonds (collectively, the “ Refunded Bonds ”), (iii) funding a debt service reserve fund, and (iv) paying the costs related to issuance of the Series 2026 PFC Bonds, provided that certain conditions set forth in this Resolution are met. N OW , T HEREFORE , B E I T R ESOLVED B Y T HE M ARYLAND T RANSPORTATION A UTHORITY , as follows: Section 1. The MDTA hereby authorizes the issuance of one or more series of PFC Bonds designated as its “Passenger Facility Charge Revenue Bonds, Series 2026, Baltimore/Washington International Thurgood Marshall Airport,” or such other or further designation as may be deemed appropriate by the Executive Director, in a total aggregate principal amount not to exceed One Hundred Thirty Million Dollars ($130,000,000), for the purpose of (i) financing and refinancing the costs of the 2026 PFC Projects, (ii) refunding all or a portion of the Outstanding Prior Bonds or all or a portion of any principal maturities thereof, (iii) depositing funds into a debt service reserve fund, and (iv) paying the costs related to the issuance of the Series 2026 PFC Bonds, subject to the limitations set forth below in Section 3(b). Section 2. The Series 2026 PFC Bonds will be issuable as fully registered bonds without coupons, and may be issued in such denominations as the Executive Director may determine, in consultation with the Chief Financial Officer of the MDTA (the “ Chief Financial Officer ”), the Chief Financial Officer to the Maryland Department of Transportation (the “ Department CFO ”), the Chief Financial Officer of MDOT MAA (the “ MAA CFO” ), and the financial advisors and bond counsel to the MDTA, as appropriate. The Series 2026 PFC Bonds are special obligations of the MDTA payable, as to principal and interest, solely from the revenues and funds pledged thereto under the PFC Trust Agreement, as amended and supplemented, and are not and shall not be deemed (i) to be general obligations of the MDTA, (ii) to constitute obligations of the Maryland Department of Transportation (the “ Department ”) or the MDOT MAA, or (iii) to constitute a debt or a pledge of the faith and credit of the State of Maryland or any political subdivision thereof. The revenues pledged under the Second Amended and Restated Trust Agreement dated as of September 1, 2007, (as amended and supplemented, the “ Toll Facilities Trust ”) derived from the Transportation Facilities Projects or the General Account Projects (as such terms are defined in the Toll Facilities Trust) will not be pl -- under the imitation o edged as security for the Series 2026 PFC Bonds or any other bonds issued PFC Trust Agreement, as supplemented and amended. Therefore, the l n the outstanding principal amount of toll revenue bonds issued by the MDTA and secured by toll revenues set forth in Section 4-306(b) of the Act does not apply to the Series 2026 PFC Bonds. Section 3 . (a) The bond sale will be conducted under the direction of the Executive Director. The MDTA hereby authorizes its Executive Director to sell one or more series of the Series 2026 PFC Bonds by one or more competitive sales or by negotiated sales (including but not limited to a direct placement with a financial institution), upon terms

R ESOLUTION 26-02 Page 4

determined by the Executive Director, with the advice of the Chief Financial Officer, the Department CFO, the MAA CFO, its bond counsel, its financial advisors and, as appropriate, other officers and staff of the MDTA, the MDOT MAA and the Department, to be the most advantageous for the MDOT MAA, provided that such sale or sales must occur no later than December 31, 2026, unless a later sale date is approved by future resolution of the MDTA, and subject to the limitations set forth below in paragraph (b). (b) The Executive Director is authorized to determine, with the advice of the Chief Financial Officer, bond counsel, financial advisors and, as appropriate, other officers and staff of the MDTA, the terms of the Series 2026 PFC Bonds, including, but not limited to: (i) the rate or rates of interest to be borne by the Series 2026 PFC Bonds or the method of determining the rates for such bonds, provided that the true interest cost, determined by doubling the semiannual interest rate, compounded semiannually, necessary to discount the debt service payments to the date of the Series 2026 PFC Bonds and to the price for such bonds, shall not exceed 6%, (ii) the dates of principal and interest payments and final maturity of the Series 2026 PFC Bonds, provided that the final maturity of the Series 2026 PFC Bonds shall not exceed 30 years or (A) the useful life of the assets financed with the proceeds of the Refunded Bonds and (B) the final maturity of the Refunded Bonds, and (iii) the appropriate designation for the Series 2026 PFC Bonds that may reflect a different year of issuance and other modifications. (c) If the Executive Director determines to negotiate the terms of the sale of all or a portion of the Series 2026 PFC Bonds, the MDTA hereby authorizes the Executive Director, with the assistance of the Chief Financial Officer, its bond counsel, its financial advisors and, as appropriate, other officers and staff of the MDTA, (1) to solicit and accept proposals for the sale of the Series 2026 PFC Bonds on a private, negotiated basis, and (2) if the sale is negotiated, to negotiate the terms of an agreement for the purchase of the Series 2026 PFC Bonds (a “ Bond Purchase Agreement ”), in accordance with the limitations set forth in this Resolution. (d) If the Executive Director determines to sell all or a portion of the Series 2026 PFC Bonds by the solicitation of competitive bids, the MDTA hereby authorizes the Executive Director, with the assistance of the Chief Financial Officer, its bond counsel, its financial advisors and, as appropriate, other officers and staff of the MDTA, (i) to determine the means for the submission of competitive bids, including but not limited to electronic bids via such service provider as the Executive Director deems appropriate, (ii) to determine the terms and conditions for such sale, including but not limited to, the conditions for acceptance of bids and the criteria for the selection of a winning bidders, subject to the limitations set forth in this Resolution, (iii) to prepare a notice of sale setting forth the terms and conditions of such sales (the “ Notice of Sale ”), and (iv) to advertise such sale, including but not limited to publication of the Notice of Sale or a summary thereof by any electronic medium, financial journal, or such other manner as the Executive Director deems appropriate, at least ten days before the date set for the receipt of bids.

R ESOLUTION 26-02 Page 5 (e)

The Executive Director and the Chief Financial Officer shall provide a report of the results of the sale of the Series 2026 PFC Bonds at the first meeting of the MDTA occurring after the sale of the Series 2026 PFC Bonds. Section 4 . The Executive Director is hereby authorized to engage, as appropriate, the services of a trustee, a registrar, a paying agent, an escrow agent, a verification agent, an underwriter, a feasibility consultant, engineers, accountants, printers and such other service providers as the Executive Director deems appropriate from time to time with respect to the Series 2026 PFC Bonds and the Refunded Bonds. Section 5 . The MDTA hereby authorizes the Executive Director, Chief Financial Officer and other staff of the MDTA, with the assistance of its counsel, bond counsel and its financial advisors, to prepare a preliminary official statement, a final official statement, a private placement memorandum or any other form of offering and disclosure documents (each referred to herein as, an “ Official Statement ”) for the sale related to the Series 2026 PFC Bonds and to distribute each Official Statement to the entities that they shall deem appropriate. Section 6 . The MDTA hereby authorizes the Executive Director, with the assistance of counsel, bond counsel and appropriate officers and staff of the MDTA, to negotiate the terms of any lease agreements, including supplements and amendments to existing agreements (collectively, the “ Lease Agreements ”), and any financing agreements, including supplements and amendments to existing agreements (collectively, the “ Financing Agreements ”), related to issuing and financing the 2026 PFC Projects. Section 7 . Subject to the terms set forth in this Resolution, the MDTA hereby authorizes its Executive Director, with the assistance of other officers of the MDTA, counsel to the MDTA, its bond counsel, financial advisors, and staff, to prepare (i) a Fifth Supplemental PFC Trust Agreement to secure the payment of one or more series of PFC Bonds with the PFC Revenues for the purpose of financing the 2026 PFC Projects, (ii) one or more bond certificates for the Series 2026 PFC Bonds (each, a “ Bond Certificate ”), (iii) an escrow deposit agreement or an escrow letter (the “Escrow Deposit Agreement”), if required, and (iv) a continuing disclosure agreement (“ Continuing Disclosure Agreement ”) to assist the underwriters of the Series 2026 PFC Bonds in complying with the requirements of Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as the same may be amended from time to time. Section 8. The Chairman of the MDTA (the “ Chairman ”) and the Executive Director are hereby authorized to execute and deliver on behalf of the MDTA each Bond Certificate by their manual or facsimile signatures. The Executive Director of the MDTA is hereby authorized to cause an original or facsimile of the official seal of the MDTA to be imprinted on each Bond Certificate. Section 9 . The MDTA hereby authorizes the Chairman and the Executive Director, or either of them, to execute and deliver on behalf of the MDTA, as appropriate,

R ESOLUTION 26-02 Page 6

an Official Statement, the Fifth Supplemental PFC Trust Agreement, a Bond Purchase Agreement, a Continuing Disclosure Agreement, Lease Agreements, Financing Agreements and such other documents and agreements deemed necessary and appropriate by the Chairman or the Executive Director (collectively, together with the Bond Certificates, the “ Bond Documents ”). The execution and delivery by them of the Bond Documents shall be conclusive evidence of their final approval. Section 10. The MDTA hereby covenants that it will take, or refrain from taking, any and all actions necessary to comply with the provisions of Section 103 and Sections 141 through 150, inclusive, of the Internal Revenue Code of 1986, as amended (the “ Code ”), applicable to the Series 2026 PFC Bonds in order to preserve the status of the interest on the Series 2026 PFC Bonds as excluded from gross income for federal income tax purposes. Without limiting the generality of the covenant set forth in the preceding sentence, (a) the MDTA will not use or permit the use (to the extent it exercises control or direction) of any of the proceeds of the Series 2026 PFC Bonds in such manner as would cause the interest on the Series 2026 PFC Bonds to be included in gross income for federal income tax purposes, (b) the MDTA will regulate the investment of the proceeds of the Series 2026 PFC Bonds (to the extent it exercises control or direction) so as not to cause any of the Series 2026 PFC Bonds to be an “arbitrage bond” within the meaning of Section 148 of the Code and the Income Tax Regulations thereunder, (c) the MDTA will, if and to the extent necessary make periodic determinations of the rebate amount and timely pay any rebate amount, or installment thereof, to the United States of America, (d) the MDTA will prepare and timely file Internal Revenue Service Form 8038- G, Information Return for Tax-Exempt Governmental Obligations, and/or Form 8038, Information Return for Tax-Exempt Private Activity Bond Issues, and (e) the Executive Director and Chief Financial Officer are hereby authorized and directed to prepare or cause to be prepared and to execute and deliver any certificate, report or other document that may be required in order to assure compliance with the applicable provisions of Section 103 and Sections 141 through 150, inclusive, of the Code, and the Income Tax Regulations promulgated thereunder. The Chairman and the Executive Director are hereby authorized, pursuant to the provisions of Section 147(f) of the Code, to conduct a public hearing to hear any objections to the proposed issuance of the Series 2026 PFC Bonds subject to the requirements of Section 147(f) of the Code, following publication of a notice of public hearing in a newspaper or newspapers of general circulation in Anne Arundel County, Maryland and Baltimore County, Maryland at least 14 days in advance of the date set for such hearing. Section 11. The Chairman and the Executive Director are hereby authorized to specify, prescribe, determine, provide for or approve, all within the limitations of this Resolution and the Act, all other matters, details, forms, documents and procedures pertaining to the sale, security, issuance, delivery and payment of or for the Series 2026 PFC Bonds, including (without limitation) the execution, acknowledgment, sealing and delivery of Bond Documents by the Chairman, Executive Director or any other duly qualified employee, agent or officer of the MDTA as are or may be necessary or appropriate to consummate the transactions contemplated by this Resolution and the option to pledge as security for all or some of the Series 2026 PFC Bonds, in addition to

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