OPEN SESSION APRIL 9, 2026 PAGE THREE OF FOUR
UPDATE – FINANCING RESOLUTION 25-02, SERIES 2026 BONDS Mr. Allen Garman provided the Finance and Administration Committee with an update on the timing and structure of the upcoming Series 2026 bond issuance. Mr. Garman indicated that the Municipal Financing Resolution 25-02 approved by the MDTA Board in December 2025, authorizes a $600 million bond issuance to finance a portion of capital projects in calendar 2026. In the latest approved financial forecast from November 2025, a second financing need of approximately $250 million is also modeled for fiscal 2027. The timing of the second financing is likely in calendar 2026 (first half of fiscal 2027). As these two financings are relatively close in timing, management is considering combining the financings into two series and issuing them at one time, though the total financing will not exceed the resolution approved par amount of $600 million. Combining the financings will increase financial flexibility and may result in lower costs of issuance (legal, advisory, ratings). The combined financings for both the Key Bridge Rebuild and other portions of the Consolidated Transportation Program does not commit the MDTA to second issue in calendar 2026. The need and proportions of a second financing in calendar 2026 will be informed by capital spending and federal reimbursement timing. UPDATE – TOLLING CONTRACTS AND AGREEMENTS Mr. Richard Jaramillo provided the Finance and Administration Committee with an overview of the key areas of interest related to the MDTA’s tolling vendor contracts, including the status, timeline, and next steps related to the out-of-state debt collection RFP; and the key points, and next steps related to toll enforcement reciprocity with Pennsylvania. UPDATE – FSK BRIDGE REBUILD ENGAGEMENT EFFORTS Mr. Bradley Tanner and Ms. Melissa Bogdan provided the Finance and Administration Committee with an overview of the Key Bridge Rebuild community engagement and communication efforts, highlighting the outreach best practices and performance metrics. Examples include virtual community updates, speaker requests, and pop-up events in the Anne Arundle County, Baltimore County, and Baltimore City communities. Educational and informative progress updates are also delivered through media days, fact sheets, photos, videos, newsletters, e-blasts, text alerts, and the project website that serves as a centralized hub for all project resources. Additionally, social media, community programs, job fairs, and focus groups are underway. These tools, combined with grassroots engagement, help to build community trust and ensure that community is involved and informed throughout the project.
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