OPEN SESSION AUGUST 27, 2026 PAGE 4 OF 6
As this contract exceeds MDTA’s delegation, this will be presented at the next available Board of Public Works (BPW) meeting for approval.
Upon motion by Member Maricela Cordova and seconded by Member Jeffrey S. Rosen, the Members unanimously gave approval for Contract No. KH-3053-0000 – Pheasant Run Nontidal Wetland Mitigation – Sole Source.
UPDATE – ALL OPEN CONTRACTS
Mr. Jeffrey Davis presented the MDTA Board with a report on how many contracts are currently open with the MDTA. There are currently two hundred thirty (230) contracts totaling $3,540,796,910.62.
APPROVAL – QUARTERLY REVIEW AND APPROVAL OF INVESTMENT STRATEGY AND BENCHMARKS
Mr. Kevin Cullity requested approval from the MDTA Board for the investment strategy of the new Debt Service Reserve accounts associated with the recent financing.
Mr. Cullity explained that no changes in strategy or benchmarks to legacy accounts are recommended and that strategy tailored to the new long-term debt service reserves is recommended. Investments conformed to Investment Policy limitations and portfolio structuring by account adhered to board approved strategy. Mr. Cullity further explained that strategy should remain consistent, despite short-term return volatility associated with the interest rate environment and management does not attempt to time market rate changes; Duration Targeted reserves maintain consistent structures. Passive approach to duration, active in relative-value security selection. Chosen strategies and benchmark indices represent a reasonable and prudent compromise between long-term, multiyear return/income focus and tolerance for return volatility. Upon motion by Member Dontae Carroll and seconded by Member Cynthia D. Penny- Ardinger, the Members unanimously approved the investment strategy of the new Debt Service Reserve accounts associated with the recent financing.
APPROVAL – INVESTMENT POLICY
Mr. Kevin Cullity requested MDTA Board approval of the MDTA Investment Policy.
Mr. Cullity explained that following a recent review by the Investment Committee and Municipal Advisor, modest changes to the Investment Policy are currently recommended. The proposed changes clarify the competitive selection standard and diversification timing tests. 1) Correct explanatory requirement for Competitive transaction process in Section XII to “best price” rather than the “highest yielding” to encompass both purchases and sales.
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