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
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