MEMORANDUM
TO:
MDTA Board
FROM: Director of Treasury and Debt, Kevin Cullity SUBJECT: MDTA Board Resolution 26-01 – Municipal Financing DATE: January 29, 2026
PURPOSE OF MEMORANDUM To explain the purpose of MDTA Board Resolution 26-01 for Municipal Financing and request MDTA Board approval for delegated authority. The resolution authorizes the issuance of 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. The resolution was reviewed at the January 15 Finance and Administration Committee meeting and recommended to proceed for full Board approval. 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. The financing is expected during the second half of 2026 and will be sized to account for the capital program, passenger facility charge revenues, bond premium, debt service reserve funding, and cost of issuance. o Design – New Air Traffic Control Tower o Capacity Project – Concourse D/E Bag Claim Expansion o State of Good Repair Projects • Concourse C/D Connector • Concourse C/D Baggage Handling System • Concourse B Projects – Roof Replacement, Passenger Movement Modernization (Terminal Vestibule Doors, Elevators, Escalators, Moving Walkways)
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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