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MDOT projects higher FY27 debt service amid large planned issuances; agency cites strong credit ratings
Summary
DLS told the subcommittee Maryland Department of Transportation debt‑service will rise to roughly $452.9 million in FY27, with significant planned bond issuance including GARVEE financing for light‑rail modernization; MDOT highlighted recent bond sales, a $500 million refinance and continued compliance with statutory coverage ratios.
The Department of Legislative Services reported to the House Appropriations Committee’s Transportation and the Environment Subcommittee that Maryland Department of Transportation debt‑service obligations are projected to increase in fiscal 2027 and that the department maintains coverage ratios within statutory and administrative limits through the forecast period.
DLS analyst Samuel Quist summarized the analysis, saying the FY27 debt‑service budget increases by $33.7 million (about 8%) to $452.9 million. The analysis noted no new bond issuances in FY23–24 followed by larger issuances in FY25 ($200…
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