|
General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30,1988, was as follows (amounts
expressed in thousands):
|
|
Balance
|
|
|
Transfers
|
Balance
|
|
Classification
|
July 1, 1987
|
Additions
|
Deletions
|
in (out)
|
June 30, 1988
|
|
Land and improvements ......................
|
......... $ 512,641
|
$ 11,353
|
$ 210
|
$ 36,874
|
$ 559,658
|
|
Structure and improvements ...................
|
......... 1,978,106
|
56,698
|
12,336
|
137,139
|
2,159,608
|
|
Equipment .................................
|
......... 639,262
|
59,848
|
21,502
|
38,172
|
715,780
|
|
Construction in progress .....................
|
......... 313,311
|
188,149
|
|
(211,186)
|
290,275
|
|
Total ...................................
|
......... $3,443,320
|
$316,048
|
$34,047
|
$ -0-
|
$3,725,321
|
|
Higher Education Fund:
|
|
|
Property, plant and equipment, as of June 30,
|
1988, consisted of the following (amounts expressed in
|
|
thousands):
|
|
|
Land ......................................
|
......................................$ 54,088
|
|
Building and improvements ...................
|
...................................... 883,695
|
|
Contents ....................................
|
...................................... 429,446
|
|
Construction in progress ......................
|
...................................... 69,847
|
|
Total .....................................
|
......................................$1.437.076
|
9. General Obligation Bonds:
General obligation bonds are authorized and issued primarily to provide funds for state owned capital
improvements, including facilities for institutions of higher learning, and the construction of public schools in
political subdivisions. Bonds have also been issued for local government improvements, including grants and
loans for water quality improvement projects and correctional facilities, and to provide fund's for repayable loans
or outright grants to private, not-for-profit cultural or educational institutions. Under constitutional
requirements and practice, the Maryland General Assembly, by a separate enabling act, authorizes a loan for
a particular object or purpose. Thereafter the Board of Public Worlds, a constitutional body composed of the
Governor, the Comptroller of the Treasury and the State Treasurer, by resolution authorizes the issuance of
bonds in a specified amount for part or all of the loan authorized by a particular enabling act.
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.
During the year, general obligation bonds aggregating $160,000,000 were issued with a discount of
$1,574,000.
General obligation bonds outstanding and bonds authorized but unissued, as of June 30,1988, were as follows
(amounts expressed in thousands):
|
|
|
Outstanding
|
|
Authorized But
Unissued
|
|
Purpose
|
Int
|
erest Rates
|
Amount
|
Amount
|
|
General construction ...................'...........................
|
4.9
|
% to 11.3 %
|
$ 817,313
|
$355,537
|
|
Public school construction ..........................................
|
4.9
|
to 11.0
|
701,715
|
100,010
|
|
Water quality ....................................................
|
4.9
|
to 11.8
|
144,335
|
139,619
|
|
Sanitary facilities and sewage treatment .............................
|
4.7
|
to 11.0
|
12,770
|
3,300
|
|
Hospitals and nursing homes .......................................
|
4.7
|
to 6.75
|
30,390
|
5,150
|
|
Community colleges and vocational schools ...........................
|
4.7
|
to 6.0
|
26,235
|
20,000
|
|
Housing loans ....................................................
|
4.7
|
to 6.75
|
56,815
|
6,503
|
|
Jails and correctional institutions ...................................
|
4.75
|
to 6.75
|
78,862
|
34,596
|
|
Private colleges ..................................................
|
4.75
|
to 11.0
|
25,745
|
12,057
|
|
Social, cultural and historical ......................................
|
4.75
|
to 11.0
|
62,352
|
30,267
|
|
Savings and loan association insurance loan ..........................
|
|
|
|
100,000
|
|
Other ...........................................................
|
4.7
|
to 11.3
|
134,288
|
63,460
|
|
|
|
|
$2,090,820
|
$870,499
|
47
|
 |
