On February 15 and May 25, 1978 the Department of Transportation issued Consolidated Transportation
Bonds, Refunding Series 1978 and County Transportation Bonds—First Issue Refunding Series 1978,
respectively. 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 provide for the timely payment of $500,585,000 Consolidated Transportation Bonds, State Highway
Construction Bonds and County Transportation Bonds. As a result of these transactions, the refunded bonds
are deemed to be retired and, accordingly, are no longer reported as long-term debt in the financial statements.
The U.S. Government Securities purchased were deposited with the State Treasurer and are accounted for in
the refunded transportation debt expendable trust fund. Accordingly, the fund balance has been reserved for
the retirement of refunded debt.

11. Changes in General Long-Term Debt:

Changes in long-term debt (amounts expressed in thousands) for the year ended June 30, 1982 are
summarized as follows:

	General	Transportation	Other Long-Term
	Obligation Bonds	Bonds	Debt
Balance, July 1, 1981 ...................................................	$2,158,075	$739,505	$402,422
Assumption of general obligation debt of the Economic Development Loan
Programs ............................................................	45,980
Bond issuances .........................................................	188,180	65,700
Bond principal retirements ..............................................	(184,575)	(60,255)
Excess of actuarially determined retirement costs over the amounts recorded
as expenditures in governmental fund types ............................			82,162
Amortization of prior years' liability for unfunded retirement costs ........			(3,503)
Balance, June 30, 1982 .................................................	$2,207,660	$744,950	$481,081

12. Revenue Bonds and Notes Payable:

A. Enterprise Funds:

Community Development Administration:

Revenue Bonds:

The Community Development Administration, an agency of the Department of Economic and Community
Development, has issued revenue bonds, the proceeds of which were used to provide funds for its various
mortgage loan programs. Assets aggregating approximately $702,000,000 and revenues of each mortgage loan
program are pledged as collateral for the respective revenue bonds and notes payable (see below). Interest rates
range from 4.6% to 14% and the bonds mature serially through May 15, 2024. The aggregate principal amount
outstanding at June 30, 1982 was $510,163,000. Maturities of principal (amounts expressed in thousands) are
as follows:

Years ending
June 30,	Amount
1983	$ 6,660
1984	8,130
1985	9,130
1986	9,820
1987	9,810
1988 and thereafter	466,613
	$510,163

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