8. Property, Plant and Equipment:

Property, plant and equipment (amounts expressed in thousands) consisted of the following as of June
30, 1980:

Other Enterprise Funds:
Land and improvements ......................................................	.$ 3,850
Structures and improvements ..................................................	. 669,563
Equipment .................................................................	2,514
Construction in process .......................................................	13,875
	689,802
Less accumulated depreciation ...............................................	3,139
	$686,663
Higher Education and University Hospital Funds:
Land ......................................................................	.$ 45,357
Buildings and improvements ..................................................	. 581,399
Contents ...................................................................	. 226,777
Construction in progress ......................................................	31,066
Hospital building and contents (including construction in progress of $3,520), net of
accumulated depreciation of $18,205 ...........................................	36,044
	$920,643
Nonexpendable Trust Funds:
Equipment, net of accumulated
depreciation of $81 .........................................................	$ 79
General Fixed Assets:
Land ......................................................................	.$ 283,520
Buildings and improvements ..................................................	. 704,690
Equipment .................................................................	. 279,385
Construction in progress ......................................................	507,998
	$1,775,593

9. 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
in 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
repayable loans or outright grants to private, not-for-profit cultural or educational institutions. Under con-
stitutional requirements and practice, the Maryland General Assembly, by a separate enabling act, author-
izes 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.

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.

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