MEMORANDUM
TO:
MDTA Board
FROM:
Deputy Director Finance Allen Garman Maryland Aviation Administration Chief Tanya Wojtulewicz MDTA Board Resolution 26-02, PFC Financing and Refinancing
SUBJECT:
DATE:
June 25, 2026
PURPOSE OF MEMORANDUM To explain the purpose of Maryland Transportation Authority (MDTA) Board Resolution 26-02 for a BWI PFC (Passenger Facility Charge) revenue backed municipal financing and request board approval of delegated authority. The PFC revenue backed bonds are issued under a separate trust agreement and are solely secured by enplanement fees. The delegated authority updates the previously approved Resolution 26-01 to add partial refinancings of the Series 2012 and 2014 bonds for economic savings. The updated resolution continues to authorize the issuance of new Passenger Facility Charge (PFC) backed bonds to finance a portion of BWI Airport capital projects in fiscal 2027 and 2028. 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 and refinance portions of the Series 2012/2014 bonds for economic savings. The financing is expected during the second half of calendar 2026 and will be sized to account for the capital program, PFC revenues, bond premium, debt service reserve funding, capitalized interest, and costs 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
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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