Archives of Maryland, Volume 0197, Page 0061 - Report of the Comptroller, 1997-98

Report of the Comptroller, 1997-98

Volume 197, Page 61 View pdf image (33K)

As of June 30, 1998, Transportation bond debt service requirements for principal and interest in future years
are as follows (amounts expressed in thousands).

			Total Transportation
Years Ending June 30, 1999.......................................................... 2000................................................... 2001.......................................................... 2002.......................................................... 2003.......................................................... 2004.......................................................... 2005.......................................................... 2006.......................................................... 2007.......................................................... 2008........................................................ 2009.......................................................... 2010.......................................................... 2011.......................................................... 2012..........................................................	Consolidated Transportation Bonds $132,910 133,267 105,741 109,246 114,444 117,286 118,854 83,856 44,919 29,682 21,132 16,768 6,450 6,150	County Transportation Bonds $869 869 873 878 886 885 891 888 892	Bond Debt Service Requirements $133,779 134,136 106,614 110,124 115,330 118,171 119,745 84,744 45,811 29,682 21,132 16,768 6,450 6,150

Maryland Transportation Authority Bonds —
Bonds outstanding as of June 30, 1998, are as follows (amounts expressed in thousands).

Series 1991 Revenue bonds, maturing in annual installments from $5,215 to $8,200 from July 1, 1998, to July 1, 2005,
with interest rates ranging from 6% to 6.5%, payable semiannually.,......................................................................................
Series 1992 Revenue bonds, maturing in annual installments from $5,360 to $14,570 from July 1, 1998, to July 1, 2013,
with interest rates ranging from 4.6% to 5.8%, payable semiannually.....................................................................................
Capital appreciation bonds maturing in annual installments of original principal and an accreted amount ranging from
$3,000 to $15,420 from July 1, 2004, to July 1, 2015, with approximate yield to maturity of 6% to 6.35%..................,......
Current interest term bonds with interest payable semiannually at 5.75%, due July 1, 2015....................................................
Serial bonds maturing in annual installments ranging from $180 to $9,510 from July 1, 1999
To July 1, 2006 with interest rates ranging from 3.8% to 5.0%, payable seinianmially...........................................................
Series 1994, Special Revenue bonds maturing in annual installments from $3,650 to $12,230 from July 1, 1999, to June
30, 2020, with interest rates ranging from 4.10% to 6.30% payable semiannually...................................................................

$ 50,715
83,705
58,504
27,020
16,380
138,620
$374,944

The Maryland Transportation Authority (Authority) has issued Transportation Facilities Projects Revenue
Bonds, Series 1991 and 1992, which are payable solely from the revenues of the transportation facilities projects.
The Series 1991 revenue bonds, maturing after July 1, 2001, are subject to redemption at the Authority's option
on or after July 1, 2001, at redemption prices ranging from 100% to 102% of the principal amount. The debt service
reserve requirement for the Series 1991 revenue bonds in the amount of $9,990,000 has been satisfied through a
surety bond.
With respect to the Series 1992 revenue bonds, $13,130,000 of the current interest term bonds stated to mature
on July 1, 2015, are subject to mandatory sinking fund redemption on July 1, 2014, at a redemption price equal to
the principal amount plus accrued interest. The debt service reserve requirement has been satisfied by a
$20,142,000 deposit of cash with the trustee. The current interest serial bonds stated to mature on July 1, 2013, and
the balance of the current interest term bonds stated to mature on July 1, 2015, are subject to redemption at the
option of the Authority on or after July 1, 2002, without premium. The capital appreciation bonds are not subject to
early redemption. Capital appreciation bonds payable as of June 30, 1998, include an accreted amount of
$17,609,000.
On April 15, 1998, the Authority issued $16,380,000 in revenue refunding bonds with a premium of $186,000
interest rates ranging from 3.8% to 5.0% to advance refund $15,240,000 of certain outstanding 1991 series revenue
bonds with interest rates ranging from 6.0% to 6.5%. The net proceeds of $16,309,000 (after a payment of $257,000 in
underwriters discount and other issuance costs) were used to purchase U.S. government securities. Those
securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service
payments on the refunded bonds. As a result these bonds are considered to be defeased, and the liability for those
bonds has been removed from the general long-term debt account group. The Authority advance refunded certain
of its 1991 series bonds to reduce its total debt service payments over the next 8 years by $459,000.
During the year ended June 30, 1994, the Authority issued $162,580,000 of Series 1994 Special Revenue bonds
to partially finance the development and operation of projects at Baltimore/Washington International Airport (the
Airport Facilities Project). Principal and interest are payable solely from "Passenger Facility Charges" received by

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Report of the Comptroller, 1997-98

Volume 197, Page 61 View pdf image (33K)

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