MDTA Board Resolution, Municipal Financing Page Two
The projects and the PFC backed bonds are expected to receive approval from the FAA in spring 2026. Additionally, the concurrence of the General Assembly’s Budget Committees is expected in early 2026. The $130 million limit contained in the Resolution is based on the most recent forecast submitted by MAA finance staff in December 2025. The forecast projects at least 1.5x debt service coverage through 2040 and incorporates a future financing. This Resolution is currently needed as delegated authority to engage Bond Counsel in the development of the Official Statement and generally begin the financing process that comfortably requires 90-days to complete. The Executive Director and Chief Financial Officer (CFO) will have the authority to manage the bond sale and closing, including the award of the 2026 bonds to the successful underwriting firm(s) or negotiation of terms for a private placement. The Resolution also provides for authority to select other service providers and to prepare and execute all closing documents, certificates, and bond forms. Resolution 26-01 contains the following limiting and reporting provisions: 1. Par Amount – Limited to $130 million. 2. Bond Sale Date – No later than December 31, 2026. 3. Bond Sale Reports on Results – Provided by the Executive Director and CFO at the first Board meetings after the sale dates. RECOMMENDATION Approve Board Resolution 26-01 for delegated authority to finance a portion of MAA’s capital program in calendar 2026. ATTACHMENT • Board Resolution 26-01
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