Obligations Under Capital Leases:

Obligations under capital leases of $36,083,000 exist as of June 30, 1984, bearing interest at annual rates
ranging from 6.5% to 17.5%. The following is a schedule of annual future minimum payments under these
obligations, along with the present value of the related net minimum payments as of June 30, 1984 (amounts
expressed in thousands):

Years ending
June 30,	Amount
1985	$ 6,035
1986	5,730
1987	5,274
1988	4,927
1989	4,492
1990 and thereafter	105,984
Total future minimum
payments	132,442
Less amount
representing interest	96,359
Present value of net
minimum lease
payments	$ 36,083

12. Commitments:

At June 30, 1984, the Department of Transportation and Maryland Transportation Authority had
commitments of approximately $241,805,000 and $33,000,000, respectively, for construction of highway and
mass transit facilities. Approximately 67% 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. The remaining portion will be funded by other financial resources of the Department.

The Department of Transportation, as lessor, leases terminal space at various marine terminals, airport
facilities and office space pursuant to various operating leases. Minimum future rentals (amounts expressed in
thousands) are as follows:

Years ending	Noncancelable Operating	Leases
June 30,	Minimum Future Ren	tals
1985	$10,408
1986	10,209
1987	9,808
1988	8,795
1989	7,663
1990-1994	13,978
1995-1999	5,550
2000 and thereafter	10,640
	$77,051

Total minimum future rentals do not include contingent rentals that may be received under certain
concession leases on the basis of a percentage of the concessionaire's gross revenue in excess of stipulated
minimums.

Rent revenue was approximately $45,567,000 for the year ended June 30, 1984, including contingent
rentals of approximately $4,127,000. Assets of the Department of Transportation subject to such operating
lease agreements are included in the general fixed assets account group. The cost of these assets was
approximately $222,724,000 at June 30, 1984.

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