C. Higher Education and University Hospital Funds:

Certain State Colleges have issued revenue bonds and mortgage loans payable for the acquisition of stu-
dent housing and other facilities. Student fees and other user revenues collateralize the revenue bonds, and
the mortgage loans payable are collateralized by real estate. Interest rates range from 3% to 6% on the reve-
nue bonds and 6% to 1.0% on the mortgage loans payable. Maturities of principal (amounts expressed in
thousands) are as follows:

Years ending
June 30,	Amount
1981	$ 400
1982	425
1983	455
1984	475
1985	495
1986 and thereafter	12,085
	$14,335

13. Commitments:

At June 30, 1980, the Department of Transportation had commitments of approximately $317,000,000
for construction of highway and mass transit facilities. Approximately 70% of future expenditures related to
these commitments are expected to be reimbursed from proceeds of approved federal grants when the actual
costs are incurred.

As of June 30, 1980, direct mortgage loan programs included in other enterprise funds had unfunded
mortgage loan commitments aggregating approximately $118,449,000. These commitments are expected to
be funded from existing program resources and proceeds from revenue bonds to be issued.

Principally all full-time employees accrue annual leave based on the number of years employed up to a
maximum of 25 days per calendar year. Earned annual leave may be accumulated up to a maximum of 35
days as of the end of each calendar year. As of June 30, 1980 accumulated earned but unused annual leave
for employees whose activities., are accounted for in governmental fund types aggregated approximately $44
million.

The State is insured for workers' compensation losses by the State Accident Fund under a contract
which provides for the State to pay premiums based upon loss experience plus a proportionate share of ad-
ministrative costs. Recent State practice has been to pay premiums based upon actual losses paid by the
State Accident Fund plus a proportionate share, of. administrative costs. In the event of termination of the
contract, the State is obligated for any premium deficiency existing at the time of termination. As of June
30, 1980, anticipated workers' compensation claims in the amount of $16,200,000 applicable to State employ-
ees were accrued in nonexpendable Trust Funds.

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