|
Notes receivable for advances of general obligation bond proceeds bear interest at rates ranging from 3%
to 11.1% and mature over the next 30 years. Notes receivable maturing after fiscal year 2000 in the amount of
$22,830,000 are deemed to be not available for debt service because all related general obligation bonds are
scheduled to be retired by that date. Accordingly, the amount has been reflected as a reservation of debt service
fund balance. Such amounts will become available to fund debt service when the due date of the outstanding amounts
becomes equal to or less than the maturity dates of general long-term debt.
Construction mortgage loans receivable are subject to commitments from other lenders to purchase the loans
upon completion of construction. Proceeds from payments of principal and interest on the construction and
permanent mortgage loans are pledged to meet the debt service requirements of the mortgage revenue bonds
(see Note 11).
Savings and loan association loans are purchased from or made to member associations of the Maryland Deposit
Insurance Fund Corporation (see Note 14).
National direct student loans and health profession loans are made pursuant to student loan programs funded
through the U.S. Government.
7. Property, Plant and Equipment:
Property, plant and equipment (amounts expressed in thousands) consisted of the following as of June 30,1985:
|
Enterprise Funds:
|
|
Non-
|
|
|
Depreciable
|
depreciable
|
|
|
Assets
|
Assets
|
|
Land and improvements (includes land being held for
|
|
|
|
sale of $1,850) ..................................
|
|
$ 8,590
|
|
Structure and improvements .......................
|
$34,797
|
715,154
|
|
Equipment ......................................
|
18,210
|
317
|
|
Construction in progress ...........................
|
|
832
|
|
Less accumulated depreciation ..................
|
16,253
|
|
|
Total .....................................
|
$36,754
|
$724,893
|
|
Nonexpendable Trust Fund:
|
|
|
|
Land ......................................
|
$ 164
|
|
|
Equipment, net of accumulated depreciation of
|
|
|
|
$270 .....................................
|
1,117
|
|
|
Total .....................................
|
$ 1,281
|
|
General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30, 1985, was as follows (amounts
expressed in thousands):
|
|
Balance
|
|
|
Transfers
|
Balance
|
|
Classification
|
July 1, 1984
|
Additions
|
Deletions
|
in (out)
|
June 30, 1985
|
|
Land and improvements ................................
|
$ 382,352
|
$ 14,810
|
$ 29
|
$ 10,092
|
$ 407,225
|
|
Structure and improvements ............................
|
1,732,836
|
21,076
|
2,303
|
39,823
|
1,791,432
|
|
Equipment ............................................
|
424,146
|
65,728
|
21,055
|
|
468,819
|
|
Construction in progress ................................
|
231,135
|
94,019
|
|
(49,915)
|
275,239
|
|
Total .............................................
|
$2,770,469
|
$195,633
|
$23,387
|
$ -0-
|
$2,942,715
|
|
Higher Education Fund:
|
|
|
Land .....................................................................
|
$ 50,464
|
|
Buildings and improvements .................................................
|
786,247
|
|
Contents ...................................................................
|
319,244
|
|
Construction in progress ....................................................
|
9,022
|
|
Total .....................................................................
|
$1,164,977
|
40
|
 |
