Cynthia D. Penny-Ardinger Jeffrey S. Rosen Samuel D. Snead, MCP, MA John F. von Paris
MEMORANDUM
TO:
Finance and Administration Committee Debt Administrator Yaw Berkoh Director of Treasury and Debt Kevin Cullity
FROM:
SUBJECT:
Non-Recourse Debt Update
DATE:
January 15, 2026
PURPOSE OF MEMORANDUM To provide a required update on contracts and project improvements at BWI Marshall Airport that are funded from pledged passenger enplanement fees and consolidated rental car facility fees, as well as the status of other conduit financings and the loan to the Maryland Aviation Administration (MAA). SUMMARY Key Points 1. Passenger Facility Charge improvement account funds on hand and projected net revenues are sufficient to meet near term capital expenditure needs of projects approved by the MDTA. A bond financing is planned in 2026 for new projects. 2. Consolidated Rental Car Facility improvement account funds on hand and projected net revenues are sufficient to meet near term capital expenditure needs of projects approved by the MDTA. Section 3 of Resolution 14-03 requires periodic updates to the Finance and Administration Committee and board on MAA contracts and project improvements that are funded from PFC Passenger Facility Charge (PFC) and Consolidated Rental Car Facility (CRCF) pledged revenues. The PFC Financing Agreements and the CRCF Financing Agreement require the MDTA Board approval of all contracts prior to MAA’s submission to the Board of Public Works. The 2014 board resolution delegated authority to the Executive Director to approve contracts funded from pledged PFC and CRCF revenues. In 2018, the MDTA Board authorized a $50 million loan to the MAA to finance certain improvements at BWI Airport.
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