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Consolidated Transportation Bonds are paid from the transportation debt service fund except for the
Bond Anticipation Notes (none outstanding at June 30, 1987) 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. 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 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 the maximum annual debt service on all Consolidated
Transportation Bonds outstanding and to be issued and that (ii) total proceeds from pledged taxes equal at
least two times the maximum annual debt service on all Consolidated Transportation Bonds outstanding and
to be issued.
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.
By law, the Department may not issue County Transportation Bonds on behalf of a participant if such
participant's share of highway user revenues for the latest fiscal year is less than twice such participant's
maximum annual debt service on County Transportation Bonds.
As of June 30, 1987, Transportation bond debt service requirements for principal and interest (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
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Bonds
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Requirements
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1988
|
$34,249
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$20,367
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$54,616
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1989
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30,940
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20,454
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51,394
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1990
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32,741
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20,561
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53,302
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1991
|
31,361
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20,643
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52,004
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1992
|
29,951
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20,767
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50,718
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1993
|
30,538
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20,803
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51,341
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1994
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22,958
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20,371
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43,329
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1995
|
15,815
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20,445
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36,260
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1996
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16,165
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13,328
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29,493
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1997
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13,233
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12,591
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25,824
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1998
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13,533
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8,095
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21,628
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1999
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13,763
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5,395
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19,158
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2000
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13,923
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2,300
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16,223
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2001
|
|
1,264
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1,264
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On February 15 and May 25,1978 the Department of Transportation issued Consolidated Transportation
Bonds, Refunding Series 1978 and County Transportation Bonds First Issue Refunding Series 1978,
respectively. The net proceeds of these issues, after underwriters' discounts and other financing expenses, in
principal amounts aggregating $510,625,000 were used to purchase U. S. Government Securities sufficient to
fully provide for the timely payment of $500,585,000 Consolidated Transportation Bonds, State Highway
Construction and County Transportation Bonds. The U. S. Government Securities purchased to retire the
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