|
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 30,1988, Transportation bond debt service requirements for principal and interest in future years
were as follows (amounts expressed in thousands):
|
|
|
|
Total
|
|
|
|
|
Transportation
|
|
|
Consolidated
|
County
|
Bond Debt
|
|
Years ending
|
Transportation
|
Transportation
|
Service
|
|
June 30,
|
Bonds
|
Bonds
|
Requirements
|
|
1989
|
$30,940
|
$22,445
|
$53,385
|
|
1990
|
32,741
|
22,566
|
55,307
|
|
1991
|
31,361
|
22,662
|
54,023
|
|
1992
|
29,951
|
22,794
|
52,745
|
|
1993
|
30,538
|
22,842
|
53,380
|
|
1994
|
22,958
|
22,416
|
45,374
|
|
1995
|
15,815
|
22,498
|
38,313
|
|
1996
|
16,165
|
15,388
|
31,553
|
|
1997
|
13,233
|
14,661
|
27,894
|
|
1998
|
13,533
|
10,171
|
23,704
|
|
1999
|
13,763
|
7,471
|
21,234
|
|
2000
|
13,923
|
4,377
|
18,300
|
|
2001
|
|
3,340
|
3,340
|
|
2002
|
|
2,074
|
2,074
|
At June 30, 1988, $634,630,000 of outstanding Consolidated Transportation Bonds, State Highway
Construction and County Transportation Bonds are considered defeased and, therefore, are not included as long-
term debt in the accompanying financial statements.
11. Changes in General Long-Term Debt:
Changes in general long-term debt, for the year ended June 30,1988, are summarized as follows (amounts
expressed in thousands):
|
|
|
|
|
|
Obligations
|
|
|
General
|
|
Accrued
|
Accrued
|
Under
|
|
|
Obligation
|
Transportation
|
Retirement
|
Annual
|
Capital
|
|
|
Bonds
|
Bonds
|
Costs
|
Leave
|
Leases
|
|
Balance, July 1, 1987 ..............................
|
...... $2,030,415
|
$387,565
|
$507,026
|
$81,704
|
$12,743
|
|
Bond issuances ....................................
|
...... 304,860
|
18,255
|
|
|
|
|
Increase in obligations under capital leases ............
|
|
|
|
|
30,250
|
|
Bond principal retirements .........................
|
...... (244,455)
|
(16,920)
|
|
|
|
|
Retirement of obligations under capital leases .........
|
|
|
|
|
(4,769)
|
|
Excess of expenditures in governmental fund
|
|
|
|
|
|
|
types over actuarially determined
|
|
|
|
|
|
|
retirement costs .................................
|
|
|
(47,009)
|
|
|
|
Amortization of prior years' liability for
|
|
|
|
|
|
|
unfunded retirement costs .........................
|
|
|
(15,234)
|
|
|
|
Net increase in accrued annual leave .................
|
|
|
|
12,104
|
|
|
Balance, June 30, 1988 ..............'...............
|
...... $2,090,820
|
$388,900
|
$444,783
|
$93,808
|
$38,224
|
49
|
 |
