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Report of the Comptroller, 1997-98
Volume 197, Page 64   View pdf image (33K)
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Years Ending
June 30,
1999.......................................................
2000.............................................................
2001.............................................................................
2002.....................................................................
2003...........................................................................
2004 and thereafter......................................................
Equipment Loan
Program Obligations
$ 1,750
1,595
1,690
1,775
1,690
34,546
$43,046
Revenue Bonds
$ 29,017
33,685
32,443
29,997
32,385
448,625
$606,152
Mortgages
and Other
$ 1,119
800
587
620
654
2,176
$ 5,956
Total
$ 31,886
36,080
34,720
32,392
34,729
485,347
$655,154

The bonds issued are the debt and obligation of the issuing higher education institutions and are not a debt and
obligation of, or pledge of, the faith and credit of the State.
On July 2, 1997, the System issued $60,000,000 of 1997 Series A Revenue Bonds, and used $12,698,000 of the
proceeds to advance refund $12,800,000 of 1989 Series B Revenue Bonds. On April 22, 1998, the System issued
$91,600,000 of 1989 Series A Revenue Bonds, and used $29,537,000 of the proceeds, along with $1,824,000 of
required debt service reserve funds, to advance refund $18,969,000 of 1992 Series A and $9,721,000 of 1992 Series B
Revenue Bonds, along with Certificates of Participation in the amount of $2,910,000. The advance refunding of
Revenue Bonds and Certificates of Participation, while resulting in an accounting loss of $790,000, reduced future
debt service requirements by $3,495,000. The refinancings resulted in an economic gain (the present value of the
difference between the debt service requirements on the old, refunded debt, and the new debt) of $3,224,000.
Obligations under capital leases of $6,698,000 exist as of June 30, 1998, bearing interest at annual rates ranging
from 4.6% to 7.2%, Following is a schedule of annual future minimum payments under these obligations, along with
the present value of the related net minimum payments as of June 30, 1998 (amounts expressed in thousands).

Years Ending
June 30,
2001..................................................................
2002..................................................................
2003..................................................................
2004 and thereafter.....................................................
Total future minimum payments................................................................
Less amount representing interest........................................
Present value of net minimum payments..............................................................
Amount
$ 796
715
700
722
530
8,960
12,423
5,725
$ 6,698

Proprietary Fund Type —
Maturities of component unit — proprietary fund type revenue bond principal and notes payable are as follows
(amounts expressed in thousands).

Years Ending
June 30,
1999....................
2000....................
2001....................
2002....................
2003....................
2004 and
Maryland
Stadium
Authority
$ 5,165
6,980
7,410
7,870
8,365
Maryland
Food Center
Authority
$104
112
120
128
135
Maryland
Environmental
Service
$ 3,019
3,195
2,220
1,916
1,698
Total
$ 8,288
10,287
9,750
9,914
10,198

thereafter..........
269,535
$305,325
$599
18,768
$30,816
288,303
$336,740


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Report of the Comptroller, 1997-98
Volume 197, Page 64   View pdf image (33K)
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