|
Maryland Deposit Insurance Fund Corporation:
Notes Payable:
The notes payable of $355,000 represent promissory notes payable to member savings and loan
associations (see Note 15).
Maryland Stadium Authority (Authority):
Notes Payable:
In May, 1989, the Authority issued lease revenue notes to finance the acquisition of property for the
construction of the Stadium. The principal amount at June 30, 1989 is $60,845,000, with interest payable
semi-annually at rates varying from 9.6% to 10% per annum. The notes mature serially in varying amounts
through 2019. The Authority intends to provide for the principal portion of the debt service requirements for
the years ended June 30, 1990 and 1991 through the expected issuance of tax-exempt, long-term debt.
Maturities of enterprise funds notes payable and revenue bond principal are as follows (amounts expressed
in thousands):
|
|
|
Community
|
Maryland
|
Maryland
|
Maryland
|
Maryland
|
|
|
|
Development
|
Food Center
|
Transportation
|
Environmental
|
Stadium
|
|
|
Maryland
|
Administration
|
Authority
|
Authority
|
Service
|
Authority
|
|
Years Ending
|
Housing Fund
|
Revenue
|
Revenue
|
Revenue
|
Revenue
|
Notes
|
|
June 30,
|
Notes Payable
|
Bonds
|
Bonds
|
Bonds
|
Bonds
|
Payable
|
|
1990
|
$ 13
|
$ 28,734
|
$ 41
|
$ 2,015
|
$ 700
|
$24,280
|
|
1991
|
15
|
31,170
|
45
|
2,290
|
700
|
19,115
|
|
1992
|
16
|
33,191
|
50
|
2,455
|
700
|
|
|
1993
|
18
|
33,547
|
56
|
2,635
|
700
|
120
|
|
1994
|
20
|
35,478
|
62
|
2,825
|
700
|
135
|
|
1995 and thereafter
|
1,576
|
1,519,348
|
4,566
|
185,995
|
1,200
|
17,195
|
|
|
$1,658
|
$1,681,468
|
$4,820
|
$198,215
|
$4,700
|
$60,845
|
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 7.15% on the revenue bonds and is 3% on the mortgage loans payable. During fiscal year 1989, the
University of Maryland System entered into an installment purchase agreement under which the lender has
provided the funds for the acquisition of up to $30,000,000 of equipment. Amounts used to purchase equipment
are scheduled for monthly repayment over terms of 5 to 15 years, depending on the equipment purchased.
Unused funds are required to be repaid on January 31, 1992. Both the unused funds and amounts utilized
bear interest at the rate of 6.85% per annum. Payments of interest only are required for the funds advanced
for which equipment has not been delivered. As of June 30, 1989, unused funds advanced and equipment
acquired under the agreement amounted to $29,846,000 and $154,000, respectively. Maturities of principal
are as follows (amounts expressed in thousands):
|
Years ending
|
Advances under
|
|
|
|
|
June 30,
|
Installment Purchases
|
Revenue Bonds
|
Mortgages
|
Total
|
|
1990
|
|
$ 1,910
|
$ 638
|
$ 2,548
|
|
1991
|
|
4,135
|
663
|
4,798
|
|
1992
|
$ 485
|
4,410
|
689
|
5,584
|
|
1993
|
1,222
|
4,695
|
718
|
6,635
|
|
1994
|
1,308
|
5,010
|
660
|
6,978
|
|
1995 and thereafter
|
26,831
|
73,266
|
6,626
|
106,723
|
|
|
$29,846
|
$93,426
|
$9,994
|
$133,266
|
52
|
 |
