10. Transportation Bonds:

Transportation bonds outstanding (amounts expressed in thousands) as of June 30, 1982 were as follows:

	Outstanding
Consolidated Transportation Bonds — 5.375% Refunding Series, due February 15, 1993 . . .	$354,865
County Transportation Bonds — 5.5% Refunding Series, due May 15, 1993 ...............	155,725
Consolidated Transportation Bonds — 5.9% to 7.4% ....................................	105,000
County Transportation Bonds — 5.3% to 11.0% ........................................	69,360
Consolidated Transportation Bond Anticipation Notes — 8.92% ..........................	60,000
	$744,950

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, 1982, the principal amount of additional bonds which may be issued under this limitation was
$420,220,000.

Principal of and interest on Consolidated Transportation Bonds are payable from the proceeds of certain
excise taxes levied by statute and the corporate income tax credited to the Department less amounts required
for debt service on Maryland Port Authority Loans. These amounts are 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 requirements, 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 and note 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
preceding fiscal year equal at least two times maximum annual debt service on all Consolidated
Transportation 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
Consolidated Transportation Bonds outstanding and to be issued and any then outstanding Maryland Port
Authority 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, 1982, Transportation bond debt service requirements for sinking fund deposits and
principal and interest payments (amounts expressed in thousands) in future years were as follows:

			Consolidated	County
		County	Transportation	Transportation Consolidated	Total
	Consolidated	Transportation	Bonds	Bonds Transportation	Transportation
	Transportation	Bonds	(Principal	(Principal Bond	Bond Debt
Years ending	Sinking Fund	Sinking Fund	and	and Anticipation	Service
June 30,	Deposits	Deposits	Interest)	Interest) Notes	Requirements
1983	$39,998	$17,781	$ 6,769	$8,092 $65,352	$137,992
1984	39,998	17,314	6,769	8,236	72,317
1985	39,998	15,779	10,769	8,286	74,832
1986	39,998	15,171	11,473	8,311	74,953
1987	12,671	5,466	13,188	8,290	39,615
1988			13,775	8,328	22,103
1989			18,057	8,349	26,406
1990			17,226	8,362	25,588
1991			16,395	8,404	24,799
1992			14,589	8,409	22,998
1993			13,806	8,424	22,230
1994			13,005	8,397	21,402
1995			6,201	7,940	14,141
1996				7,970	7,970
1997				822	822

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