|
General obligation bonds, which are paid from the general obligation debt service fund, are backed by the
full faith and credit of the State and, pursuant to the State Constitution, they must be fully paid within 15
years from the date of issue. Property taxes, debt service fund loan repayments and general fund
appropriations provide the resources for repayment of general obligation bonds.
General obligation bonds outstanding and bonds authorized but unissued (amounts expressed in
thousands) as of June 30, 1987, were as follows:
|
|
|
|
Authorized But
|
|
|
Outstanding
|
|
Unissued
|
|
Purpose
|
Interest Rates
|
Amount
|
Amount
|
|
General construction
|
4.9% to 11.3%
|
$ 721,160
|
$421,879
|
|
Public school construction
|
4.9 to 11.0
|
758,880
|
102,760
|
|
Water quality
|
4.9 to 11 8
|
148,200
|
129,920
|
|
Sanitary facilities and sewage treatment
|
4.7 to 11.0
|
13,765
|
3,300
|
|
Hospitals and nursing homes
|
4 7 to 675
|
19,930
|
16,300
|
|
Community colleges and vocational schools
|
4 7 to 6.0
|
28,060
|
17,300
|
|
Airport development
|
4.9 to 49
|
3,645
|
|
|
Housing loans
|
4.7 to 675
|
64,340
|
9,753
|
|
Jails and correctional institutions
|
4.75 to 6 75
|
58,350
|
31,376
|
|
Private colleges
|
4 75 to 11 0
|
21,915
|
12,758
|
|
Social, cultural and historical
|
4.75 to 11.0
|
59,726
|
23,402
|
|
Savings and loan association insurance loan
|
|
|
100,000
|
|
Other
|
4.7 to 11.3
|
132,444
|
66,284
|
|
|
|
$2,030,415
|
$935,032
|
As of June 30, 1987, general obligation debt service requirements for principal and interest (amounts
expressed in thousands) in future years were as follows:
|
Years Ending
|
|
Years Ending
|
|
|
June 30,
|
Total
|
June 30,
|
Total
|
|
1988
|
$385,348
|
1996
|
$158,013
|
|
1989
|
371,059
|
1997
|
142,859
|
|
1990
|
362,231
|
1998
|
118,040
|
|
1991
|
322,658
|
1999
|
66,390
|
|
1992
|
253,586
|
2000
|
51,329
|
|
1993
|
206,130
|
2001
|
33,912
|
|
1994
|
183,600
|
2002
|
18,582
|
|
1995
|
171,135
|
|
|
On July 9, 1987, General Obligation Bonds aggregating $144,860,000 were issued. The interest rates on
this issue range from 6.3% to 6.5% and the bonds mature serially through 2002.
9. Transportation Bonds:
Transportation bonds outstanding (amounts expressed in thousands) as of June 30,1986, were as follows:
|
|
Outstanding
|
|
Consolidated Transportation Bonds — 5.2% to 9.0%, due serially through 2001 ..............
|
$235,000
|
|
County Transportation Bonds — 4.0% to 5.6% Refunding Series, due serially 1987 through 1997
|
29,175
|
|
County Transportation Bonds — 5.3% to 11.0%, due serially through 2001 .................
|
123,390
|
|
|
$387,565
|
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 may not by law exceed $950,000,000. At June 30, 1987, the principal amount of additional bonds which
may be issued under this limitation was $715,000,000.
44
|
 |
