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Revenue Bonds:
In November, 1989 the Authority issued lease revenue bonds to finance the construction of the Stadium and to
refinance, in part, the costs of acquiring and preparing the property at the Stadium site. The principal amount at
June 30,1990 is $137,550,000, with interest payable semiannually at rates varying from 6.3% to 7.6% per annum.
The bonds mature serially in varying amounts through 2019.
Maturities of enterprise funds notes payable and revenue bond principal are as follows (amounts expressed in
thousands):
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Maryland
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Community
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Water Quality
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Maryland
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Maryland
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Maryland
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Maryland
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Years Ending
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Development
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Financing
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Food Center
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Transportation
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Environmental
|
Stadium
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June 30,
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Administration
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Administration
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Authority
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Authority
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Service
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Authority
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1991 .....................
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, . . . . $ 47,410
|
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$ 50
|
$2,150
|
$1,050
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|
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1992 .....................
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.... 34,616
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$ 380
|
57
|
2,290
|
1,285
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|
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1993 .....................
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, . . . . 37,019
|
1,015
|
62
|
19,565
|
1,321
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$1,705
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1994 .....................
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.... 39,343
|
1,140
|
68
|
20,940
|
1,128
|
1,825
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|
1995 .....................
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. . . . . 42,202
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1,355
|
76
|
22,410
|
951
|
1,950
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1996 and thereafter .........
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, . . . . 1,689,420
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22,664
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4,462
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183,845
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7,775
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149,520
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|
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$1,890,010
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$26,554
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$4,775
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$251,200
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$13,510
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$155,000
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C. Higher Education Fund:
Long-Term Debt:
Certain State higher education institutions 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 the rate 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 30,1990, unused funds advanced and equipment
acquired under the agreement amounted to $29,786,000 and $214,000, respectively. Maturities of principal are as
follows (amounts expressed in thousands):
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Years Ending
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Advances under
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June 30,
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Installment Purchases
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Revenue Bonds
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Mortgages
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Total
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1991 ..................
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$6,740
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$664
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$7,404
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1992 ..................
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$29,786
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8,035
|
689
|
38,510
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1993 ..................
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8,550
|
718
|
9,268
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1994 ..................
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|
9,115
|
660
|
9,775
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1995 ..................
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9,715
|
634
|
10,349
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1996 and thereafter ......
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|
168,854
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5,991
|
174,845
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$29,786
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$211,009
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$9,356
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$250,151
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The bonds issued are the debt and obligation of the issuing higher education institution and are not a debt and
obligation of, or pledge of, the faith and credit of the State.
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