9. Property, Plant and Equipment

Property, plant and equipment (amounts expressed in thousands) consisted of the following as of June 30,
1979:

Other Enterprise Funds:
Land .........................................................................	$ 1,584
Land held for sale ..............................................................	2,504
Structures and improvements ....................................................	651,681
Equipment ....................................................................	2,429
Construction in process ..........................................................	12,163
	670,361
Less accumulated depreciation .................................................	(2,807)
	$667,554
Higher Education and University Hospital Funds:
Land ........................................................................	$ 43,609
Buildings and improvements .....................................................	533,632
Contents .....................................................................	200,917
Construction in progress ........................................................	49,763
Hospital building and contents (including construction in progress of $3,520), net of accumu-
lated depreciation of $15,608 ..................................................	35,320
	$863,241
Nonexpendable Trust Funds:
Equipment, net of accumulated
depreciation of $113 ..........................................................	$ 45
General Fixed Assets (unaudited) :
Land ........................................................................	$ 257,109
Buildings and improvements ....................................................	715,527
Equipment ...................................................................	232,468
Construction in progress ........................................................	375,758
	$1,580,862

10. General Obligation Bonds:

General obligation bonds are authorized and issued primarily to provide funds for state owned capital
improvements, including facilities for institutions of higher learning, and the construction of public schools for
political subdivisions. Bonds have also been issued for local governmental improvements, including grants
and loans for water quality improvement projects and correctional facilities, and to provide funds for repay-
able loans or outright grants to private, not-for-profit cultural or educational institutions. Under constitu-
tional requirements and practice, the Maryland General Assembly, by a separate enabling act, authorizes a
loan for a particular object or purpose. Thereafter the Board of Public Works, a constitutional body composed
of the Governor, the Comptroller of the Treasury and the State Treasurer, by resolution authorizes the
issuance of bonds in a specified amount for part or all of the loan authorized by a particular enabling act.

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