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Annual Report of the Comptroller, 1982
Volume 346, Page 43   View pdf image (33K)
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Maryland Environmental Service (Service):

The Service has issued revenue bonds for the construction of certain projects. The bonds bear interest at
rates ranging from 5% to 8.75% and 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 property,
plant and equipment remains with the Service until expiration or completion of the project and repayment of
the revenue bonds. Thereafter, title to the assets passes to the governmental unit served by the projects.
Maturities of principal (amounts expressed in thousands) are as follows:

Years ending

 

June 30,

Amount

1983

$2,352

1984

1,633

1985

1,635

1986

837

1987

39

1988 and thereafter

2,923

 

$9,419

B. Higher Education and University Hospital Fund:

Certain State Colleges have issued revenue bonds and mortgage loans payable for the acquisition of
student 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 revenue
bonds and 6% to 10% on the mortgage loans payable. Maturities of principal (amounts expressed in thousands)
are as follows:

Years ending

 

June 30,

Amount

1983

$ 537

1984

596

1985

652

1986

680

1987

716

1988 and thereafter

19,476

 

$22,657

13. Commitments:

At June 30, 1982, the Department of Transportation and Maryland Transportation Authority had
commitments of approximately $191,500,000 and $15,700,000, respectively,for construction of highway and
mass transit facilities. Approximately 63% of future expenditures related to the Department of Transportation
commitments are expected to be reimbursed from proceeds of approved federal grants when the actual costs are
incurred.

As of June 30, 1982, direct mortgage loan programs included in the enterprise funds had unfunded
mortgage loan commitments aggregating approximately $133,092,000. These commitments are expected to be
funded from existing program resources and proceeds from revenue bonds to be issued.

At June 30,1982, the Maryland State Lottery had commitments of approximately $24,000,000 for services
to be rendered relating principally to the operation of the lottery games.

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, 1982, accumulated earned but unused annual leave for
employees whose activities are accounted for in governmental fund types aggregated approximately
$51,000,000.

43

 

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Annual Report of the Comptroller, 1982
Volume 346, Page 43   View pdf image (33K)
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