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Annual Report of the Comptroller, 1980
Volume 344, Page 20   View pdf image (33K)
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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.

20

 

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Annual Report of the Comptroller, 1980
Volume 344, Page 20   View pdf image (33K)
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