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<section article="gtr" article_name="Transportation" number="4-210" title_number="4" title_name="Revenue Facilities" subtitle_number="2" subtitle_name="Maryland Transportation Authority">
  <level label="a">
    <text>Each year, the Authority shall develop and adopt a 6–year financial forecast for the operations of the Authority.</text>
  </level>
  <level label="b">
    <text>In accordance with § 2–1257 of the State Government Article, the Authority shall submit to the General Assembly:</text>
    <level label="1">
      <text>A draft of the financial forecast on submission of the budget bill to the presiding officers of the General Assembly; and</text>
    </level>
    <level label="2">
      <text>The financial forecast as approved by the Authority on or before September 1 of each year.</text>
    </level>
  </level>
  <level label="c">
    <text>The financial forecast shall include the following components:</text>
    <level label="1">
      <text>A schedule of operating expenses;</text>
    </level>
    <level label="2">
      <text>A schedule of revenues, including concessions income, investment income, other income, and transfers from the Department;</text>
    </level>
    <level label="3">
      <text>A schedule of toll revenues, including the average toll per vehicle, the average toll increase, the number of paid vehicles, and the toll revenue by toll facility by fiscal year;</text>
    </level>
    <level label="4">
      <text>A schedule of planned bond issuances, including a detailed summary of bonds issued to fund the capital program and bonds issued to fund capitalized interest;</text>
    </level>
    <level label="5">
      <text>A schedule of debt service in each fiscal year for each bond issuance of all debt issued by the Authority, including debt service estimates of planned bond issuances; and</text>
    </level>
    <level label="6">
      <text>A summary schedule for the Authority that includes:</text>
      <level label="i">
        <text>The total cash balance;</text>
      </level>
      <level label="ii">
        <text>The amount of the cash balance that is encumbered;</text>
      </level>
      <level label="iii">
        <text>The annual cash surplus or deficit;</text>
      </level>
      <level label="iv">
        <text>Revenues;</text>
      </level>
      <level label="v">
        <text>Transfers to the Department from the Authority;</text>
      </level>
      <level label="vi">
        <text>Transfers to the Authority from the Department;</text>
      </level>
      <level label="vii">
        <text>Bond sales;</text>
      </level>
      <level label="viii">
        <text>Expenditures for debt service;</text>
      </level>
      <level label="ix">
        <text>Operating expenses;</text>
      </level>
      <level label="x">
        <text>Capital expenses;</text>
      </level>
      <level label="xi">
        <text>Maintenance and operations expense reserve accounts;</text>
      </level>
      <level label="xii">
        <text>Forecasted bond interest rates;</text>
      </level>
      <level label="xiii">
        <text>Total bonds outstanding; and</text>
      </level>
      <level label="xiv">
        <text>Financial coverage ratios, including the ratio of total cash to toll revenues, the debt service coverage ratio, and the rate covenant compliance ratio.</text>
      </level>
    </level>
  </level>
  <level label="d">
    <text>The financial forecast shall include, for each of the components specified in subsection (c) of this section:</text>
    <level label="1">
      <text>Actual information for the last full fiscal year; and</text>
    </level>
    <level label="2">
      <text>Forecasts of the information for each of the 6 subsequent fiscal years, including the current fiscal year, the fiscal year for the proposed budget, and the next 4 subsequent fiscal years.</text>
    </level>
  </level>
</section>
