The Airports Authority is empowered to adopt rules and regulations governing the use, maintenance and operation of its facilities. Regulations adopted by the Airports Authority governing aircraft operations and maintenance, motor vehicle traffic and access to Airports Authority facilities have the force and effect of law. The Airports Authority also is empowered to acquire real property or interests therein for construction and operation of the airports. It has the power of condemnation, in accordance with Title 25 of the Code of Virginia, for the acquisition of property interests for airport and landing field purposes. The Airports Authority has no taxing power.

The Airports Authority operates two enterprises – the Aviation Enterprise, under which it operates and maintains the Airports, and the Dulles Corridor Enterprise, under which it operates and maintains the Dulles Toll Road and constructed the Dulles Metrorail Project. The Airports Authority accounts for the two enterprises separately through the Aviation Enterprise Fund and the Dulles Corridor Enterprise Fund. The net revenues of the Aviation Enterprise Fund secure the bonds. Dulles Toll Road Revenues are treated as “released revenues” under the indenture and therefore are not part of the net revenues that secure the bonds. In addition, net revenues of the Aviation Enterprise Fund do not secure Dulles Toll Road revenue bonds, which are secured solely by the net revenues of the Dulles Corridor Enterprise Fund.

  • Board & Members MWAA Board of Directors; Reference Materials  
  • Master Indenture of Trust, Aviation Enterprise - An agreement between the Airports Authority and its trustee under which the Airports Authority issues bonds and specifies their maturities, interest rates, redemption provisions, form, exchange provisions, security and other terms. The indenture pledges certain revenues as security for repayment of the bonds.  It includes:
    • Article I, Section 101: Key definitions
    • Article II: Bonds
    • Article VI: Airports Authority covenants, including information regarding the pledge of revenues, rate covenant, insurance, tax covenants and retention of assets  
  • Link to Amendment to Master Indenture of Trust, Aviation Enterprise which includes an amendment to the definition of “revenues”
  • Official Statement - A document prepared by the Airports Authority and distributed to investors to provide disclosure with respect to one or more issues of bonds. Among other things, it provides material information about the bond issue, such as the purpose for the bond issue, a description of the bonds, summaries of all of the documents relevant to the financing, the security for the repayment of the bonds and financial, economic and other relevant information about the Airports Authority.
  • Link to the Metropolitan Washington Airports Authority Series 2025A Official Statement, which includes:
  • Report of the Airport Consultant - The Official Statement includes an independent feasibility study, known as the Report of the Airport Consultant, which contains estimates of revenues, projected budgets and cash flow modeling, as well as narrative analysis as to the demand for facilities, economic viability, future prospects, market forces, risks and other items of interest.
  • Sections of interest within the Official Statement:
    • Lease of the Airports to the Airports Authority - 12
    • Regulations and Restrictions Affecting the Airports - 14
    • Aircraft Noise Programs - 16
    • Application of Passenger Facility Charges - 27
    • The Airports Authority’s Facilities and Master Plans - 35
    • Facilities at Reagan National and Dulles International airports - 35
    • The Airports Authority’s Master Plans - 37
    • Capital Construction Program 44-49
      • The projects in the Airports Authority’s Capital Construction Program (CCP) were approved as part of the Airline Agreement. Under the CCP, the Airports Authority is constructing and will continue to construct many of the principal elements of the Reagan National Airport and Dulles International Airport Master Plans, as defined herein, which are necessary for the operation and development of the airports, and has renovated and will renovate certain existing facilities. While the CCP funds projects at both airports, the majority of the expenditures will occur at Dulles International Airport.
    • Environmental Approvals for the CCP (NEPA) – 52
    • See environmental approvals for the CCP (NEPA) under Regulatory Considerations (below)
    • Airport Use Agreement and Premises Lease - 71
    • The Airports’ Service Region - 76
    • Airlines Serving the Airports - 79
    • Airports Activity - 80
    • Historical Enplanement Activity - 80
    • ROAC Exhibits H1-H3, including passenger forecast
    • Definitions and Summary of Certain Provisions of the Indenture – Appendix B
    • Summary of Certain Provisions of the Airport Use Agreement and Premises Lease – Appendix C
  • DOT/FAA Lease - MWAA Lease with Federal Government + Amendments 1-5.pdf
  • Budget –
  • Audited Financial Statements - 2024 ACFR - FINAL 3.28.25.pdf
  • Airports Authority Regulations - MWAA  Final Amended and Restated Metropolitan Washington Airports Regulations - Nov 2022
  • Summary of approved construction plan – see also Capital Construction Program (above). 
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