|
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, 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
$1,223,000.
General obligation bonds outstanding and bonds authorized but unissued, as of June 30, 1989, were as
follows (amounts expressed in thousands):
|
|
|
|
Authorized But
|
|
|
Outstanding
|
|
Unissued
|
|
Purpose
|
Interest Rates
|
Amount
|
Amount
|
|
General construction ..................................
|
............ 5.7 % to 11.3 %
|
$ 799,248
|
$ 407,316
|
|
Public school construction ..............................
|
............ 4.7 to 11.0
|
640,205
|
92,010
|
|
Water quality ........................................
|
............ 5.75 to 11.0
|
148,810
|
149,345
|
|
Sanitary facilities and sewage treatment .................
|
............ 4.7 to 11.0
|
11,250
|
7,300
|
|
Hospitals and nursing homes ...........................
|
............ 4.7 to 9.2
|
33,840
|
2,580
|
|
Community colleges and vocational schools ...............
|
............ 5.0 to 11.0
|
24,265
|
23,000
|
|
Housing loans ........................................
|
............ 8.2 to 11.0
|
50,130
|
11,703
|
|
Jails and correctional institutions .......................
|
............ 4.75 to 11.0
|
76,517
|
69,207
|
|
Private colleges ......................................
|
............ 5.7 to 11.3
|
28,080
|
15,507
|
|
Social, cultural and historical ..........................
|
............ 4.7 to 11.0
|
61,766
|
27,202
|
|
Savings and loan association insurance loan ..............
|
|
|
100,000
|
|
Other ...............................................
|
............ 8.2 to 11.0
|
131,249
|
96,830
|
|
|
|
$2,005,360
|
$1,002,000
|
As of June 30, 1989, general obligation debt service requirements for principal and interest in future
years were as follows (amounts expressed in thousands):
|
Years Ending
|
|
Years Ending
|
|
|
June 30,
|
Total
|
June 30,
|
Total
|
|
1990
|
$392,492
|
1998
|
$171,967
|
|
1991
|
368,418
|
1999
|
120,306
|
|
1992
|
307,301
|
2000
|
105,199
|
|
1993
|
259,922
|
2001
|
87,711
|
|
1994
|
237,447
|
2002
|
72,265
|
|
1995
|
225,021
|
2003
|
53,576
|
|
1996
|
211,931
|
2004
|
18,653
|
|
1997
|
196,791
|
|
|
On July 18, 1989, general obligation bonds aggregating $80,000,000 were issued with a discount of
$800,000. The interest rates on this issue range from 6.4% to 6.5% and the bonds mature serially through
2004.
10. Transportation Bonds:
Transportation Bonds outstanding as of June 30,1989, were as follows (amounts expressed in thousands):
|
0
|
utstanding
|
|
Consolidated Transportation Bonds — 5.2% to 9.0%, due serially through 2001 ............
|
$310,000
|
|
County Transportation Bonds — 4.0% to 5.6% Refunding Series, due serially through 1998 . .
|
27,850
|
|
County Transportation Bonds — 5.3% to 11.0%, due serially through 2004 ................
|
131,440
|
|
|
$469,290
|
Consolidated Transportation Bonds are limited obligations issued by the Department of Transportation
(Department) 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, 1989, the principal amount of
additional bonds which may be issued under this limitation was $640,000,000.
47
|
 |
