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Sales Sale Amount Fair Value Currency (In Local Currency) as of June 30, 1998 Australian dollar............................................................................................................................................ 73,061 $ 45,285 Austrian schilling........................................................................................................................................... 9,900 784 Belgian franc.................................................................................................................................................. 900,000 24,275 Canadian dollar............................................................................................................................................. 73,708 50,169 Danish krone.................................................................................................................................................. 105,979 15,440 Deutsche mark............................................................................................................................................... 787,841 437,556 Finnish markka.............................................................................................................................................. 58,400 10,683 French franc................................................................................................................................................... 303,669 50,345 Hong Kong dollar.......................................................................................................................................... 86,000 11,033 Italian lira....................................................................................................................................................... 128,762,785 72,459 Japanese yen.................................................................................................................................................. 44,817,915 324,188 Malaysian ringgit........................................................................................................................................... 21,700 5,080 Netherlands guilder....................................................................................................................................... 24,676 12,137 New Zealand dollar....................................................................................................................................... 27,315 14,148 Pound sterling................................................................................................................................................ 175,396 291,921 Singapore dollar............................................................................................................................................ 14,000 8,252 Spanish peseta............................................................................................................................................... 3,039,768 19,865 Swedish krona............................................................................................................................................... 226,260 28,403 Swiss liaiic................................................................................................................. ........................ 290,297 191,714 U.S. dollar....................................................................................................................................................... 730,185 730,185 Tbtal sales............................................................................................................................................... $2,343,922 C. Component Units: Cash and cash equivalents of the Component Units as of June 30, 1998, was $238,582,000 most of which is pooled by the State except for $6,349,000. The bank balance of cash deposited with financial institutions was $6,429,000 of which $5,942,000 was insured by Federal, private or foreign national government depository insurance in the State's name and $487,000 was uninsured and uncollateralized. Investment accounts established by higher education institutions relate principally to endowments and trust accounts required by debt instruments. In general, endowment resources can be invested in debt and equity securities, and trust accounts can be invested only in debt securities. These investments include U.S. Treasury and agency obligations, commercial paper, repurchase agreements and banker's acceptances. The Maryland Stadium Authority's marketable securities are held by the Bond Trustee. Proceeds to purchase these marketable securities were derived from various bond issues and any proceeds from the sale of these marketable securities are restricted to the purpose of the originating bond issue. The investments of the Maryland Environmental Service (Service) primarily relate to bond indentures. The Service or its trustee banks are authorized to invest assets related to bond indentures in obligations of the United States of America, any federal agency, high quality commercial paper or mutual funds that invest in U.S. Government securities. Additionally, the Service may otherwise invest in securities allowed by the State. Investments of the Maryland Stadium Authority, Maryland Environmental Service, Maryland Industrial Development Financing Authority and the higher education institutions are stated at fair value which is based on quoted market prices. The investments as of June 30, 1998, for the discretely presented Component Units are as follows (amounts expressed in thousands).
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Report of the Comptroller, 1997-98
| Volume 197, Page 55 View pdf image (33K) |
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