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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 8) may not by law exceed $950,000,000. At
June 30, 1983, the principal amount of additional bonds which may be issued under this limitation was
$440,220,000.
Consolidated Transportation Bonds are paid from the transportation debt service fund except for the Bond
Anticipation Notes which are paid from the proceeds of Consolidated Transportation Bonds which are
deposited in the special revenue fund. 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, 1983, Transportation bond debt service requirements for sinking fund deposits and
principal and interest payments (amounts expressed in thousands) in future years were as follows:
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Total
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Transportation
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Consolidated
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County
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Bond Debt
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Years ending
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Transportation
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Transportation
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Service
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|
June 30,
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Bonds
|
Bonds
|
Requirements
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|
1984
|
$53,143
|
$29,960
|
$83,103
|
|
1985
|
56,873
|
28,496
|
85,369
|
|
1986
|
57,307
|
27,943
|
85,250
|
|
1987
|
31,425
|
18,243
|
49,668
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|
1988
|
19,071
|
12,847
|
31,918
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|
1989
|
23,083
|
12,898
|
35,981
|
|
1990
|
21,982
|
12,942
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34,924
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|
1991
|
20,882
|
13,013
|
33,895
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1992
|
18,805
|
13,045
|
31,850
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1993
|
17,767
|
13,084
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30,851
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1994
|
16,705
|
13,075
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29,780
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1995
|
9,691
|
12,633
|
22,324
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1996
|
4,280
|
12,678
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16,958
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1997
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|
5,547
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5,547
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43
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