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
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