Agency Structure
The MdTA was established in 1971 to take over functions previously performed by the former State Roads Commission. Financially independent from Maryland's general fund and transportation trust fund, the Authority operates as a purely enterprise agency, providing services on a user charge basis similar to the operation of a commercial enterprise. Its capital projects and operations are funded by tolls, concessions, investment income, and revenue bonds.
In addition to its own toll facilities, the Authority finances construction of other revenue-producing transportation facilities for the Maryland Department of Transportation (MDOT). These projects have included improvements at the Port of Baltimore and the Baltimore-Washington International Airport. To provide construction funding, the Authority issues revenue bonds, which will be paid off over a period of years by tolls and other user fees generated by the facilities.
The MdTA can issue either taxable or exempt bonds to finance large scale projects. As of June 30, 2010, the Authority had outstanding revenue bonds totaling $2.7 billion. Most of this debt was in the form of transportation facility revenue bonds valued at $1.6 billion, for MdTA toll facilities. Grant and Revenue Anticipation (GARVEE) bonds, secured by federal grants and revenue pledged from individual projects, comprised $651 million of the debt. Conduit revenue bonds, for the construction of transportation parking and airport passenger facilities, also secured by federal grants and the future revenue of specific facilities, comprised the rest of the debt. Unlike the transportation facility bonds, the conduit and GARVEE bonds are pledged to revenue sources managed by other agencies, external to the MdTA.
Read more about this topic: Maryland Transportation Authority
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