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Maryland Stadium Authority (Authority) — Revenue Bonds — The Authority has issued various lease revenue bonds and notes to finance the construction of the baseball and football stadiums, and convention center expansions in Baltimore City and the Town of Ocean City. The outstanding debt is to be repaid through capital lease payments from the State of Maryland, as the State has entered into capital lease arrangements for the use of the facilities financed with the debt proceeds. As of June 30, 1998, the Authority had outstanding revenue bonds for the construction, renovation and expansion of certain facilities as follows (amounts expressed in thousands).
Also, as of June 30, 1998, the Authority had revenue notes outstanding of $16,515,000 bearing interest of 9.7% to 10.0% which mature on December 15, 2019. The purpose of the notes was to finance the acquisition of property sites for the construction of the baseball stadium in Baltimore City. Maryland Food Center Authority (Authority) —Revenue Bonds— As of June 30, 1998, the Authority had revenue bonds outstanding of $599,000 which bear interest at 7.0% and mature June 15,2003. Maryland Environmental Service (Service) — Revenue Bonds — The Service has issued revenue bonds and other debt for the construction of certain projects. The balance as of June 30, 1998, is $30,816,000. The debt bears interest at rates ranging from 3.3% to 6.9%. The bonds are collateralized by the revenues of the related projects. All rights, title and interest in the related property, plant and equipment remains with the Service until expiration or completion of the project and repayment of the revenue bonds. Thereafter, title to the assets passes to the governmental unit served by the projects. 10. Loans from Primary Government: Component Units — Maryland Food Center Authority (Authority) — The State loaned the Authority $4,000,000, which the Authority is obligated to repay after all principal and interest has been paid on any revenue bonds which may be issued by the Authority. The loan accrued interest until June 30, 1993. The outstanding balance as of June 30, 1998, including deferred interest of $1,577,000, was $5,577,000. The Authority assumed a non-interest bearing obligation in the amount of $795,000 due to the debt service fund of the primary government pursuant to the transfer of the assets and obligations of the New Marsh Market to the Authority. The Authority is obligated to repay the debt service fund after all principal and interest has been paid on any revenue bonds which may be issued by the Authority. The outstanding principal as of June 30, 1998, is $795,000. 11. Insurance: The self-insurance liabilities represent the State's liability for its various self-insurance programs. The State is self-insured for general liability, property and casualty, workers' compensation, environmental and anti-trust liabilities and certain employee health benefits. Commercial insurance coverage is purchased for specialized exposures such as aviation hull and liability, steam boiler coverage and certain transportation risks. There were no significant reductions or changes in the commercial insurance coverage from the prior year, and the amount of settlements have not exceeded insurance coverage for any of the past three fiscal years. All funds, agencies and authorities of the State participate in the self-insurance program (the Program). The Program, which is accounted for in the general fund, allocates the cost of providing claims servicing and claims payment by charging a "premium" to each fund, agency or public authority, based on a percentage of each organization's estimated current-year payroll or based on an average loss experienced by each organization. This |
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Report of the Comptroller, 1997-98
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