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8. Property, Plant and Equipment:
Property, plant and equipment, as of June 30, 1990, consisted of the following (amounts expressed in
thousands):
Enterprise Funds:
|
|
Depreciable
|
Non-depreciable
|
|
|
Assets
|
Assets
|
|
Land and improvements (includes land being held for sale of $1,591) ........
|
|
$4,594
|
|
Structure and improvements .........................................
|
$37,070
|
1,859,630
|
|
Equipment ........................................................
|
33,606
|
339
|
|
|
70,676
|
1,864,563
|
|
Less accumulated depreciation .....................................
|
39,610
|
|
|
Total .........................................................
|
$31,066
|
$1,864,563
|
General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30,1990, was as follows (amounts
expressed in thousands):
|
|
Balance
|
|
|
Transfers
|
Balance
|
|
Classification
|
July 1, 1989
|
Additions
|
Deletions
|
in (out)
|
June 30, 1990
|
|
Land and improvements .............................
|
$611,240
|
$35,591
|
$ 283
|
$ 28,063
|
$674,611
|
|
Structure and improvements .........................
|
2,237,933
|
52,733
|
5,931
|
52,173
|
2,336,908
|
|
Equipment ........................................
|
815,458
|
102,212
|
37,874
|
42,955
|
922,751
|
|
Construction in progress ............................
|
259,748
|
255,532
|
|
(123,191)
|
392,089
|
|
Total ...........................................
|
$3,924,379
|
$446,068
|
$44,088
|
$ -0-
|
$4,326,359
|
Higher Education Fund:
Property, plant and equipment, as of June 30, 1990, consisted of the following (amounts expressed in
thousands):
|
Land .....................................................................................
|
$ 55,195
|
|
Buildings and improvements .................................................................
|
1,027,239
|
|
Contents ..................................................................................
|
501,921
|
|
Construction in progress .....................................................................
|
132,262
|
|
Total ...................................................................................
|
$1,716,617
|
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 education, 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 funds 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 Works, 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, 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.
The proceeds of general obligation bonds issued after December 31,1986 are subject to Federal regulations
governing the investment and use of proceeds of tax-exempt debt issuances.
Bonds issued after January 1,1980 are subject to redemption provisions at the option of the State.
During the year, general obligation bonds aggregating $234,227,000 were issued with a discount of
$1,888,000.
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