MEMORANDUM
TO:
Finance and Administration Committee Director of Treasury and Debt Kevin Cullity Debt Administrator Yaw Berkoh MAA Chief Tanya Wojtulewicz MDTA Board Resolution 26-01, Bond Financing
FROM:
SUBJECT:
DATE:
January 15, 2026
PURPOSE OF MEMORANDUM To explain the purpose of MDTA Board Resolution 26-01 for Municipal Financing and request recommendation of the Finance and Administration Committee to present the authorizing resolution to the full Board for approval. The resolution authorizes the issuance of 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. The financing is expected during the second half of 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 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)
2310 Broening Highway • Baltimore, MD 21224 • mdta@mdta.maryland.gov • 410.537.1000 • 711 (MD Relay) • mdta.maryland.gov • DriveEzMD.com
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