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Maturities of enterprise funds notes payable and revenue bond principal are as follows (amounts expressed in thousands).
Community Development Administration (Administration) —Revenue Bonds: The Administration, an agency of the Department of Housing and Community Development, has issued revenue bonds, the proceeds of which were used for various mortgage loan programs. Assets aggregating approximately $2,711,296,000, and revenues of each mortgage loan prograin are pledged as collateral for the revenue bonds. Interest rates range from 3.9% to 10.4%, with the bonds maturing serially through January 2040. The principal amount outstanding as of June 30, 1998, is $2,385,177,000. Substantially all bonds are subject to redemption provisions at the option of the Administration. Redemptions are permitted at rates ranging from 100% to 103% of the outstanding principal amount. Subsequent to June 30, 1998, the Administration issued and redeemed a total of $44,165,000 and $4,760,000 respectively, of revenue bonds. Maryland Water Quality Financing Administration (Administration) — Revenue Bonds — The Administration, an agency of the Department of Environment, has issued revenue bonds for making loans. Interest rates range from 4.0% to 6.9% with principal of $130,778,000 due serially from September 1, 1997 to September 1, 2014, and term bonds aggregating principal of $20,550,000 due from September 1, 2013 to 2015. These bonds are payable solely from the revenue, money or property of the Administration. The bonds are subject to redemption provisions at the option of the Administration. Redemptions are permitted at premiums ranging up to 2.5% of the outstanding principal amount. As of June 30, 1998, the Administration had $37,510,000 of debt defeased. The loss of $3,677,000 from the defeasance is being deferred and amortized through interest expense through the year 2011. Maryland State Lottery Agency (Lottery) — Notes Payable — As of June 30, 1998, the Lottery had notes payable outstanding related to the financing of certain gaming equipment. The balance outstanding as of June 30, 1998, is $2,630,000. Interest rates on the notes range from 4.5% to 6.7%. C. Long Term Obligations — Component Units: Higher Education Fund — Certain State higher education institutions have issued revenue bonds and mortgage loans payable for the acquisition and construction of student housing and other facilities. Student fees and other user revenues collateralize the revenue bonds. The mortgage loans payable are collateralized by real estate. Interest rates range from 4.3% to 7.2% on the revenue bonds with the rate being 3.0% on the mortgage loans payable. In June 1992, and during the year ended June 30, 1998, the University System of Maryland issued serial Equipment Loan Program Obligations to finance the acquisition of new equipment and to refinance the balance of amounts due under certain installment purchase agreements for equipment then in the possession of the System. Payments of principal and interest, at rates ranging from 2.6% to 6.15%, are to be made semiannually through 2007. The Equipment Obligations are callable, at the option of the System, at premiums of no more than 2.0% of the outstanding principal, beginning in 2003. Maturities of principal are as follows (amounts expressed in thousands). |
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Report of the Comptroller, 1997-98
| Volume 197, Page 63 View pdf image (33K) |
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