General obligation bonds are backed by the full faith and credit of the State and, pursuant to the State
Constitution, they must be fully paid within 15 years from the date of issue.

General obligation bonds outstanding and bonds authorized but unissued (amounts expressed in thou-
sands) as of June 30,1979 were as follows:

	Outstanding		Authorized But Unissued
Purpose	Interest Rates	Amount	Amount
General construction ...................	3.0% to 6.0%	$ 615,070	$304,362
Public school construction ...............	3.0% to 6.2%	1,057,390	230,410
Water quality .........................	4.3% to 6.0%	106,430	165,278
Sanitary facilities and sewage treatment . . .	3.0% to 6.2%	36,035	8,126
Hospitals and nursing homes .............	3.0% to 5.8%	24,380	1,000
Community colleges and vocational schools .	3.0% to 5.5%	70,610	12,842
Airport development ....................	3.0% to 4.9%	28,975
Housing loans .........................	4.8% to 5.8%	40,375	17,500
Maryland Port Authority Loans ..........	3.0% to 6.2%	24,645
Other ................................	4.9% to 6.0%	150,165	174,789
		$2,154,075	$914,307

As of June 30, 1979, general obligation debt service requirements for principal and interest (amounts
expressed in thousands) in future years were as follows:

	Years Ending
1	June 30,	Principal	Interest	Total
	1980	$162,255	$106,799	$269,054
	1981	176,140	98,905	275,045
	1982	184,575	90,284	274,859
	1983	183,595	81,236	264,831
	1984	185,585	72,037	257,622
	1985	185,205	62,713	247,918
	1986	189,930	53,227	243,157
	1987	178,595	43,706	222,301
	1988	167,075	34,695	201,770
	1989	155,830	26,011	181,841
	1990	147,225	17,783	165,008
	1991	115,495	10,188	125,683
	1992	77,600	4,745	82,345
	1993	33,260	1,681	34,941
	1994	11,710	322	12,032

11. Transportation Bonds

Consolidated Transportation Bonds are limited obligations issued by the Department of Transportation
for highway, port, airport or mass transit facilities or any combination of such facilities, the principal of which
must be paid within 15 years from the date of issue. The outstanding aggregate principal amount of these
bonds, plus outstanding Maryland Port Authority Loans (See Note 10) may not by law exceed $950,000,000.
At June 30, 1979, the principal amount of additional bonds which may be issued under this limitation was
$570,490,000.

Debt service on Consolidated Transportation Bonds is payable from 20 of the 90-per gallon excise tax on

motor vehicle fuel and those portions of the remainder of that tax, the motor vehicle titling tax, all mandatory

motor vehicle registration fees and the corporate income tax, as are credited to the Department and are not

required to meet pledges to debt service on outstanding Maryland Port Authority Loans, plus all departmental

operating revenues and receipts. The holders of such bonds are not entitled to look to other State resources for

payment. The Department has covenanted with the holders of outstanding Consolidated Transportation

Bonds not to issue additional bonds unless the amount of revenues less expenditures from departmental

operations in the preceding fiscal year that is available for debt service on the bonds to be issued, is equal to at

20