Substantially all bonds are subject to redemption provisions at the option of the Administration. Re-
demptions are permitted at rates ranging from 103% to 100% of outstanding principal amount at dates be-
tween January 1, 1986 and January 1, 1998. All unmatured bonds outstanding at January 1, 1998 are re-
deemable at par.

Notes Payable:

The aggregate amount of notes payable (amounts expressed in thousands) at June 30, 1981, consisted of:

1980 Series A Construction Loan Notes with interest of 7.375% payable semi-annually to matu-
rity March 1, 1983 ...............................................................$31,515

1981 Series A Construction Loan Notes with interest of 9.25% payable semi-annually to matu-
rity June 15, 1983 ............................................................... 30,535

Bond Anticipation Notes under a $25,000,000 revolving credit facility. Borrowing under the
agreement, which expires December 31, 1981, is at 67% of the principal lending bank's prime
rate, but is not to exceed 10.5% (8.5% prior to April 30, 1981)........................... 24,255

$86,305

Maryland Environmental Service (Service):

The Service has issued revenue bonds for the construction of certain projects which bear interest at rates
ranging from 5% to 11%. The bonds are collateralized by the assets and revenues of the projects and any
other revenues of the Service that are not otherwise pledged. All right, title and interest in the related prop-
erty, plant and equipment remains with the Service until expiration or completion of the project and repay-
ment of the revenue bonds. Thereafter, title to the assets passes to the governmental unit served by the pro-
jects. Maturities of principal (amounts expressed in thousands) are as follows:

Years ending
June 30,	Amount
1982	$ 3,486
1983	1,632
1984	1,633
1985	1,635
1986	437
1987 and thereafter	2,962
	$11,785

Maryland Food Center Authority:

On August 3, 1979 the Authority issued a $2,000,000 revenue bond at an interest rate of 5 1/2%, the pro-
ceeds of which was used for the construction of the 29 unit expansion of the Maryland Wholesale Produce
Market. Maturities of principal (amounts expressed in thousands) are as follows:

Years ending
June 30, Amount

1982 $ 400

1983 450

1984 500

1985 400

$1,750

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