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STATE OF MARYLAND
Schedule of Taxes Pledged to Consolidated Transportation
Bonds and Net Revenues as Defined for Purposes of
Consolidated Transporation Bonds Coverage Tests
Last Eight Fiscal Years
(Expressed in Thousands)(1)(2)
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Year ended
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I June 30,
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1984
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1983
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1982
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1981
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1980
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1979
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1978
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1977
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Revenues:
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Taxes and fees:
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Taxes pledged to bonds ................................
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$375,075
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$297,593
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$245,732
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$236,588
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$216,428
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$227,546
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$216,734
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$189,864
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Other taxes and fees ..................................
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126,861
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106,944
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102,956
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105,680
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59,926
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61,094
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59,211
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56,801
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Total taxes and fees ...............................
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501,936
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404,537
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348,688
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342,268
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276,354
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288,640
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275,945
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246,665
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Operating revenues .....................................
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121,409
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100,291
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96,548
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87,912
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80,073
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67,463
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61,368
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54,978
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Investment income ......................................
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12,785
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6,431
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21,261
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10,308
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3,616
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5,682
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7,568
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6,245
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Other ..................................................
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4,056
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1,449
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971
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1,046
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1,299
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796
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670
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776
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Transfer — Maryland Transportation Authority ............
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10,000
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13,000
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Total revenues ....................................
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640,186
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512,708
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467,468
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451,534
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374,342
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362,581
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345,551
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308,664
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Administration, operation, and maintenance expenditures ....
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345,469
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319,923
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280,561
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258,906
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221,438
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192,828
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170,235
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154,788
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Less federal funds .........................................
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(20,274)
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(19,221)
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(30,394)
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(35,160)
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(16,288)
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(24,191)
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(11,973)
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(20,386)
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Total .............................................
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325,195
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300,702
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250,167
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223,746
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205,150
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168,637
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158,262
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134,402
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Net revenues ...........................................
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$314,991
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$212,006
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$217,301
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$227,788
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$169,192
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$193,944
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$187,289
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$174,262
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Maximum annual principal and interest requirements .......
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$53,008
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$53,008
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$50,325
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$50,894
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$49,216
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$53,065
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$55,041
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$55,041
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Ratio of net revenues to maximum annual principal and
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interest requirements ...................................
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5.94
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4.00
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4.32
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4.48
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3.44
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3.65
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3.40
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3.17
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Ratio of taxes pledged to bonds to maximum annual principal
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and interest requirements ...............................
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7.08
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5.61
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4.88
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4.65
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4.40
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4.29
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3.94
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(3)
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Source: Office of the Secretary of the Department of Transportation
111 Under the terms of the bond authorizing resolutions, additional Consolidated Transportation Bonds may be issued, provided, among other conditions, that
(i) total receipts, less administration, operation and maintenance expenditures 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.
(2) Information is not available prior to 1977.
(3) The terms of the bond authorizing resolutions did not include this bond's coverage testing during 1977.
77
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