|
least two times the maximum debt service requirement for any future fiscal year of all outstanding Maryland
Port Authority Loans, Consolidated Transportation Bonds and the bonds to be issued, and the taxes pledged in
the preceding year for debt service is equal to at least two times the maximum debt service requirement.
County Transportation Bonds are issued by the Department and the proceeds are used by participating
political subdivisions to fund local road construction, reconstruction and other transportation projects and
facilities and to provide local participating funds for federally-aided highway projects. Debt service on these
bonds is payable from the political subdivisions' shares of highway user revenues.
As of June 30,1979, Transportation bond debt service requirements for sinking fund deposits and princi-
pal and interest payments (amounts expressed in thousands) in future years were as follows:
|
|
Consolidated
Transportation
|
County
Transportation Bonds
|
County
|
Transportation
|
Bonds
|
Total Transportation
|
|
Years ending
|
Sinking Fund
|
Sinking Fund
|
|
|
|
Bond Debt Service
|
|
June 30,
|
Deposits
|
Deposits
|
Principal
|
Interest
|
Total
|
Requirements
|
|
1980
|
$46,988
|
$18,447
|
|
$254
|
$254
|
$65,689
|
|
1981
|
41,998
|
18,037
|
|
254
|
254
|
60,289
|
|
1982
|
39,998
|
17,831
|
$255
|
247
|
502
|
58,331
|
|
1983
|
39,998
|
17,781
|
275
|
232
|
507
|
58,286
|
|
1984
|
39,998
|
17,314
|
290
|
216
|
506
|
57,818
|
|
1985
|
39,998
|
15,779
|
305
|
200
|
505
|
56,282
|
|
1986
|
39,998
|
15,171
|
320
|
183
|
503
|
55,672
|
|
1987
|
13,737
|
5,466
|
335
|
165
|
500
|
19,703
|
|
1988
|
|
|
350
|
146
|
496
|
496
|
|
1989
|
|
|
370
|
127
|
497
|
497
|
|
1990
|
|
|
385
|
107
|
492
|
492
|
|
1991
|
|
|
405
|
86
|
491
|
491
|
|
1992
|
|
|
430
|
63
|
493
|
493
|
|
1993
|
|
|
450
|
39
|
489
|
489
|
|
1994
|
|
|
475
|
13
|
488
|
488
|
On February 15 and May 25,1978 the Department of Transportation issued Consolidated Transportation
Bonds, Refunding Series 1978 and County Transportation Bonds — First Issue Refunding Series 1978. The
proceeds of these issues, aggregating $510,625,000, were used to purchase U.S. Government Securities suffi-
cient to fully provide for the timely payment of $500,585,000 Consolidated Transportation Bonds, State
Highway Construction Bonds and County Transportation Bonds. As a result of these transactions, the re-
funded bonds are deemed to be defeased and, accordingly, are no longer reported as long-term debt in the
financial statements.
On November 15, 1979, Consolidated Transportation Bonds aggregating $45,000,000 were issued. The
interest rates on this issue range from 6.5% to 6.8% and the bonds mature serially through 1994.
12. Revenue Bonds:
A. Other Enterprise Funds:
Maryland Transportation Authority:
The Maryland Transportation Authority has issued Transportation Facilities Projects Revenue Bonds,
First Series (Refunding) which are payable solely from the revenues of the transportation facilities projects.
Bonds outstanding (amounts expressed in thousands) as of June 30,1979 consisted of:
|
Serial bonds maturing in annual installments from $795 to $2,415, from July 1, 1980 through
|
|
|
July 1, 1997 with interest rates ranging from 4.75% to 6.20%, payable semi-annually .....
|
$ 26,435
|
|
Term bonds with interest at 6.625%, payable semi-annually, due July 1, 2003 .............
|
18,550
|
|
Term bonds with interest at 6.80%, payable semi-annually, due July 1, 2016 ..............
|
76,170
|
|
|
$121,155
|
21
|
 |
