OPEN SESSION DECEMBER 4, 2025 PAGE TWO OF THREE
APPROVAL - FINANCING RESOLUTION 25-02, SERIES 2026 BONDS Mr. Allen Garman requested a recommendation of approval from the Finance and Administration Committee to advance MDTA Board Resolution 25-02 to the full Maryland Transportation Authority (MDTA) Board for approval. The resolution authorizes the issuance of toll revenue bonds to finance a portion of capital projects in calendar 2026. Mr. Garman advised that the upcoming bond financing will be sized to account for the capital program, net operating revenues, bond premium, debt service reserve funding, and costs of issuance. The $600 million limit contained in the resolution is based on the most recent official forecast approved by the MDTA Board in November 2025. Resolution 25-02 amends Resolution 25-01 by extending the deadline to issue toll revenue bonds from December 2025 to December 2026. Member von Paris called for a motion to recommend approval of this item to the full MDTA Board at its next scheduled meeting. Member Penny-Ardinger made the motion, and Member Carroll seconded the motion, which was unanimously approved. UPDATE - CHESAPEAKE BAY CROSSING STUDY – TIER 2 NATIONAL ENVIRONMENTAL POLICY ACT (NEPA) ALTERNATIVES REVIEW Ms. Melissa Williams provided an overview of the Chesapeake Bay Crossing Study: Tier 2 NEPA. Ms. Williams discussed the study schedule, the purpose and need, study limits, the seven key elements that were used to develop alternatives, the options for each key element, the retained alternatives, environmental resources, and next steps. UPDATE – PROPERTY INSURANCE – AN UPDATE ON PROPERTY INSURANCE FOR THE MDTA’S TUNNELS AND BRIDGES Ms. Lynn Fry provided an overview of the MDTA’s insurance policies as well as an update on a recent change to the MDTA’s Bridges and Tunnels Property Insurance Policy renewal limit. Ms. Fry advised that based on recent information obtained from the State Treasurer’s Office that other State agencies have increased their insurance policy limits to help mitigate rising values due to inflation. The MDTA’s senior management, including the Chief Financial Officer, determined that it was in the best interest of the agency to increase its policy limit. As such, the MDTA increased its policy limit from $350 million to $500 million. Ms. Fry further indicated that the decision to increase the policy limit was made expeditiously because of the December 1, 2025 deadline to renew the MDTA’s bridges and tunnels property insurance. The modification will increase the insurance premium by $1.1 million annually. The additional expense will be reflected in the Final FY 2027 Operating Budget.
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