REPORT OF THE COMPTROLLER OF THE TREASURY 7

The BONDED DEBT of the State at June 30, 1945, was
$25,098,000.00. This amount represents the par value of bonds is-
sued in the past which it will be necessary to redeem in the future on
the dates on which the bonds become due. A summary showing
the maturity of this, debt by years and the amounts which will be
required each year for maturing debt and interest will be found at
the end of Statement "13".

The General Assembly of 1945 enacted Chapter 747 and Chapter
996, authorizing the Board of Public Works to issue and sell the
following State bonds:

Post War Construction'Loan of 1945—$4,625,000.00, for necessary

' ' building construction and equipment in connection with the

State's Post War'Construction Program, to be issued as follows:

$2,313,000.00 rto be issued on July 1,1946
$2,312,000.00 to/be issued on July 1,1947

State Office Building7 Loan of 1945 $2,000,000.00, for con-
struction and equipment of a New State Office Building in
Baltimore City, to be issued as follows:

$1,000,000.00 to be issued on July 1, 1946
$1,000,000.00 to be issued on July 1,1947

The ANNUITY BOND FUND is an account maintained for
servicing the bonded debt. The real and personal property taxes
and inheritance taxes collected for use in paying the interest on and
redeeming the debt are entered in that account and out of such
taxes the interest and redemptions are paid. At the close of the year
June 30th, 1945, the balance of taxes remaining in the account was
$2,770,920.85. Statement " 10 " gives complete details as to balance
at beginning of year, receipts and disbursements during the year and
the balance at end of the year.

ADDITIONAL COMPENSATION FOR SCHOOL TEACHERS
AND STATE EMPLOYEES: The amounts disbursed in the year
are as follows:

School Teachers

Baltimore City.............................................. $ 553,095.05

Counties............................................................. 968,321.56

Total.................................................. $1,521,416.61

State Employees

General Funds.................................................. $ 459,934.17

Special and Federal Funds............................... 341,092.33

Total........................................................ $ 801,026.50