MDTA seeks higher bonding cap to finance Francis Scott Key Bridge work (SB 188)
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Summary
The Maryland Transportation Authority asked the committee to raise its bond cap from $4B to $5B to cover interim financing for Francis Scott Key Bridge reconstruction and the authority’s broader capital program; witnesses said delays increase costs and the change is needed ahead of 2027 bond sales.
The Maryland Transportation Authority and construction industry groups told senators that an increase in MDTA's revenue bond cap is needed to finance near‑term costs related to the Francis Scott Key Bridge and other capital projects.
Bruce Gartner, MDTA executive director, said SB 188 would raise the bonding limit from $4 billion to $5 billion to meet anticipated interim financing needs. MDTA's financial plan assumes approximately $1.2 billion of financing for the Key Bridge and projects federal reimbursements that could lag by roughly 12 months; without additional capacity, MDTA warned it could face timing constraints on bond sales and sequenced projects.
Michael Sacada, president of the Maryland Transportation Builders and Materials Association, said delaying projects increases program costs and could slow schedules and maintenance, harming system condition and safety. Committee members asked MDTA about sensitivity analyses and affordability; MDTA said it has done range testing and will continue negotiations with contractors.
The committee received the testimony and will consider the bill in committee business; no vote was taken at the hearing.
