|
General obligation bonds outstanding and bonds authorized but unissued (amounts expressed in
thousands) as of June 30, 1980 were as follows:
|
|
Outstanding
|
|
Authorized But
|
|
|
|
|
Unissued
|
Purpose
|
Interest Rates
|
Amount
|
Amount
|
General construction ......................
|
3.0% to 6.0%
|
$ 611,670
|
$330,729
|
Public school construction ..................
|
3.0% to 6.2%
|
1,036,130
|
227,200
|
Water quality ............................
|
4.3% to 6.0%
|
108,875
|
152,278
|
Sanitary facilities and sewage treatment ......
|
3.0% to 6.2%
|
22,230
|
8,125
|
Hospitals and nursing homes ...............
|
3.0% to 5.8%
|
19,355
|
2,000
|
Community colleges and vocational schools ....
|
3.0% to 5.5%
|
62,250
|
12,645
|
Airport development .......................
|
3.0% to 4.9%
|
26,115
|
|
Housing loans ............................
|
4.8% to 5.8%
|
67,865
|
24,500
|
Maryland Port Authority loans ..............
|
3.0% to 6.2%
|
20,685
|
|
Other ...................................
|
4.9% to 6.0%
|
133,955
|
172,210
|
|
|
|
$2,109,130
|
$929,687
|
As of June 30, 1980, general obligation debt service requirements for principal and interest (amounts ex-
pressed in thousands) in future years were as follows:
Years Ending
|
|
Years Ending
|
|
June 30,
|
Total
|
June 30,
|
Total
|
1981
|
$282,298
|
1988
|
$215,206
|
1982
|
282,112
|
1989
|
195,222
|
1983
|
278,488
|
1990
|
178,325
|
1984
|
271,239
|
1991
|
138,937
|
1985
|
261,492
|
1992
|
95,544
|
1986
|
256,712
|
1993
|
48,061
|
1987
|
235,789
|
1994
|
25,071
|
|
|
|
1995
|
12,972
|
On July 1, 1980, General Obligation Bonds aggregating $121,970,000 were issued. The interest rates on
this issue range from 6.00% to 6.25% and the bonds mature serially through 1995. In connection with this
issue the State held a deposit from the purchaser of the debt in the amount of $2,439,400 at June 30, 1980.
10. 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 9) may not by law exceed
$950,000,000. At June 30, 1980, the principal amount of additional bonds which may be issued under this
limitation was $529,450,000.
Principal of and interest on Consolidated Transportation Bonds are payable from the proceeds of certain
excise taxes levied by statute and applicable to the extent necessary for that exclusive purpose before being
available for other uses by the Department. If those tax proceeds become insufficient to meet debt service re-
quirements, other receipts of the Department are available for that purpose. The holders of such bonds are
not entitled to look to other State's resources for payment.
Under the terms of authorizing bond resolutions, additional Consolidated Transportation Bonds may be
issued, provided, among other conditions, that (i) total receipts (excluding federal funds for capital projects,
bond proceeds, income received from a sinking fund separately dedicated to the Refunding Bonds, and other
receipts not available for debt service), less administration, operation and maintenance expenses, for the
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