|
C. Higher Education Fund:
Long-Term Debt:
Certain State colleges have issued revenue bonds and mortgage loans payable for the acquisition and
construction of student housing and other facilities. Student fees and other user revenues collateralize the
revenue bonds. The mortgage loans payable are collateralized by real estate. Interest rates range from 3.5% to
7.3% on the revenue bonds and 3% to 10% on the mortgage loans payable. Maturities of principal are as follows
(amounts expressed in thousands):
|
Years ending
|
|
|
|
|
June 30,
|
Revenue Bonds
|
Mortgages
|
Total
|
|
1989
|
$ 2,745
|
$ 1,339
|
$ 4,084
|
|
1990
|
2,880
|
1,407
|
4,287
|
|
1991
|
3,050
|
1,468
|
4,518
|
|
1992
|
3,220
|
1,535
|
4,755
|
|
1993
|
3,415
|
1,607
|
5,022
|
|
1994 and thereafter
|
71,100
|
25,422
|
96,522
|
|
|
$86,410
|
$32,778
|
$119,188
|
The bonds issued are the debt and obligation of the University and are not a debt and obligation of, or pledge
of, the faith and credit of the State.
Obligations Under Capital Leases:
Obligations under capital leases of $45,407,000 exist as of June 30,1988, bearing interest at annual rates
ranging from 5.25% to 14.0%. The following is a schedule of annual future minimum payments under these
obligations, along with the present value of the related net minimum payments as of June 30,1988 (amounts
expressed in thousands):
|
Years ending
|
|
|
June 30,
|
Amount
|
|
1989
|
$ 10,373
|
|
1990
|
9,008
|
|
1991
|
7,692
|
|
1992
|
6,004
|
|
1993
|
5,024
|
|
1994 and thereafter
|
88,424
|
|
Total future minimum
|
|
|
payments
|
126,525
|
|
Less amount
|
|
|
representing interest
|
81,118
|
|
Present value of net
|
|
|
minimum lease
|
|
|
payments
|
$ 45,407
|
13. Contributed Capital:
The changes in contributed capital of the enterprise funds for the year ended June 30,1988, are as follows
(amounts expressed in thousands):
|
|
Economic
|
Development
|
Maryland
|
Maryland
|
|
|
|
|
Insurance
|
Loan
|
Transportation
|
Environmental
|
State Use
|
|
|
|
Programs
|
Programs
|
Authority
|
Service
|
Industries
|
Total
|
|
Balance, July 1, 1987 .................
|
$66,795
|
$137,571
|
$763,785
|
$13,752
|
$389
|
$982,292
|
|
Contributions .......................
|
|
10,167
|
|
270
|
|
10,437
|
|
Depreciation on contributed assets ......
|
|
|
|
(1,365)
|
(4)
|
(1,369)
|
|
Balance, June 30, 1988 ...............
|
$66,795
|
$147,738
|
$763,785
|
$12,657
|
$385
|
$991,360
|
53
|
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