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Under the terms of authorizing bond resolutions, additional Consolidated Transportation Bonds may be
issued, provided, among other conditions, that (i) total receipts (excluding federal funds for capital projects, bond
and note proceeds, income received from a sinking fund separately dedicated to the Refunding Bonds, and other
receipts not available for debt service), less administration, operation and maintenance expenses, for the
preceding fiscal year equal at least two times the maximum annual debt service on all Consolidated Transportation
Bonds outstanding and to be issued and that (ii) total proceeds from pledged taxes equal at least two times the
maximum annual debt service on all Consolidated Transportation Bonds outstanding and to be issued.
County Transportation Bonds are issued by the Department and the proceeds are used by participating
counties and Baltimore City to fund local road construction, reconstruction and other transportation projects and
facilities and to provide local participating funds for federally-aided highway projects. Debt service on these bonds
is payable from the counties' and Baltimore City's shares of highway user revenues.
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.
The proceeds of transportation bonds issued after December 31, 1986 are subject to Federal regulations
governing the investment and use of proceeds of tax-exempt debt issuances.
During the year, Consolidated Transportation Bonds aggregating $260,000,000 were issued with a discount of
$2,502,000 and County Transportation Bonds aggregating $9,905,000 were issued with a discount of $99,000.
As of June 30,1990, Transportation bond debt service requirements for principal and interest in future years
were as follows (amounts expressed in thousands):
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Total
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|
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|
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Transportation
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|
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Consolidated
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County
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Bond Debt
|
|
Years Ending
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Transportation
|
Transportation
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Service
|
|
June 30,
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Bonds
|
Bonds
|
Requirements
|
|
1991 ......................................
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$55,123
|
$24,506
|
$79,629
|
|
1992 ......................................
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53,713
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24,645
|
78,358
|
|
1993 ......................................
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59,337
|
24,701
|
84,038
|
|
1994 ......................................
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58,429
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24,284
|
82,713
|
|
1995 ......................................
|
67,577
|
24,375
|
91,952
|
|
1996 ......................................
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66,922
|
17,273
|
84,195
|
|
1997 ......................................
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63,099
|
16,548
|
79,647
|
|
1998 ......................................
|
66,351
|
12,073
|
78,424
|
|
1999 ......................................
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64,142
|
9,382
|
73,524
|
|
2000 ......................................
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61,836
|
6,285
|
68,121
|
|
2001 ......................................
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29,423
|
5,254
|
34,677
|
|
2002 ......................................
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33,077
|
3,986
|
37,063
|
|
2003 ......................................
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33,871
|
1,921
|
35,792
|
|
2004 ......................................
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34,487
|
1,105
|
35,592
|
|
2005 ......................................
|
34,925
|
|
34,925
|
At June 30, 1990, $548,905,000 of outstanding Consolidated Transportation Bonds, State Highway
Construction and County Transportation Bonds are defeased and, therefore, are not included as long-term debt in
the accompanying financial statements.
On August 1,1990, Consolidated Transportation Bonds aggregating $100,000,000 were issued with a discount
of $960,000. The interest rates on this issue range from 6.2% to 6.7% and mature serially through 2006. On
October 31, 1990, Consolidated Transportation Bonds aggregating $210,000,000 were issued with a discount of
$2,042,000. The interest rates on this issue range from 6.2% to 6.8% and mature serially through 2006.
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