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preceding fiscal year equal at least two times maximum annual debt service on all Consolidated Transporta-
tion Bonds outstanding and to be issued and any then outstanding Maryland Port Authority loans and that
(ii) total proceeds from pledged taxes equal at least two times maximum annual debt service on all Consoli-
dated Transportation Bonds outstanding and to be issued and any then outstanding Maryland Port Author-
ity loans.
County Transportation Bonds are issued by the Department and the proceeds are used by participating
counties and Baltimore City 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 counties' and Baltimore City's shares of highway user revenues.
As of June 30, 1980, Transportation bond debt service requirements for sinking fund deposits and prin-
cipal and interest payments (amounts expressed in thousands) in future years were as follows:
|
|
Consolidated
|
County
|
|
|
|
|
|
Transportation
|
Transportation Bonds
|
Consolidated
|
County
|
Total Transportation
|
Years ending
|
Sinking Fund
|
Sinking Fund
|
Transportation Bonds
|
Transportation Bonds
|
Bond Debt Service
|
June 30,
|
Deposits
|
Deposits
|
(Principal and Interest)
|
(Principal and Interest)
|
Requirements
|
1981
|
$41,998
|
$18,037
|
$2,970
|
$254
|
$63,259
|
1982
|
39,998
|
17,831
|
2,970
|
502
|
61,301
|
1983
|
39,998
|
17,781
|
2,970
|
507
|
61,256
|
1984
|
39,998
|
17,314
|
2,970
|
506
|
60,788
|
1985
|
39,998
|
15,779
|
2,970
|
505
|
59,252
|
1986
|
39,998
|
15,171
|
2,970
|
503
|
58,642
|
1987
|
13,737
|
5,466
|
2,970
|
500
|
22,673
|
1988
|
|
|
2,970
|
496
|
3,466
|
1989
|
|
|
9,732
|
497
|
10,229
|
1990
|
|
|
9,267
|
492
|
9,759
|
1991
|
|
|
8,812
|
491
|
9,303
|
1992
|
|
|
7,389
|
493
|
7,882
|
1993
|
|
|
6,996
|
489
|
7,485
|
1994
|
|
|
6,600
|
488
|
7,088
|
1995
|
|
|
6,201
|
|
6,201
|
On February 15 and May 25, 1978 the Department of Transportation issue Consolidated Transportation
Bonds, Refunding Series 1978 and County Transportation Bonds?First Issue Refunding Series 1978. The
net proceeds of these issues, after underwriters' discounts and other financing expenses, in principal
amounts aggregating $510,625,000 were used to purchase U.S. Government securities sufficient to fully pro-
vide for the timely payment of $500,585,000 Consolidated Transportation Bonds, State Highway Construc-
tion Bonds and County Transportation Bonds. As a result of these transactions, the refunded bonds are
deemed to be defeased and, accordingly, are no longer reported as long-term debt in the financial statments.
On July 15, 1980, Consolidated Transportation Bonds aggregating $60,000,000 were issued. The inter-
est rates on this issue range from 5.7% to 7.4% and the bonds mature serially through 1995. Also on July 15,
1980, the Department issued $60,000,000 of Consolidated Transportation Bond Anticipation Notes due July
15, 1981 and bearing interest ranging from 5.14% to 5.17%. In connection with these issues the Department
held a deposit from the purchasers of the debt in the amount of $1,200,000 at June 30, 1980.
On November 1, 1980 County Transportation Bonds aggregating $59,270,000 were issued. The interest
rates on this issue range from 7.75% to 8.4% and the bonds mature serially through 1995.
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