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The permanent mortgage loans consist of financing for single and multi-family projects, rental projects, small
businesses, industrial sites and various other purposes. Substantially all the mortgage loans are insured or
guaranteed, and accordingly, no allowance for loan losses was necessary at June 30,1991.
Savings and loan association loans are purchased from or made to member associations of the Maryland
Deposit Insurance Fund Corporation.
National direct student loans and health profession loans are made pursuant to student loan programs funded
through the U. S. Government.
8. Property, Plant and Equipment:
Property, plant and equipment, as of June 30, 1991, 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 $1,605) ........
|
|
$4,608
|
|
Structure and improvements .........................................
|
$38,239
|
1,892,043
|
|
Equipment ........................................................
|
42,460
|
324
|
|
|
80,699
|
1,896,975
|
|
Less accumulated depreciation .....................................
|
24,676
|
|
|
Total .........................................................
|
$56,023
|
$1,896,975
|
General Fixed Assets:
General fixed assets activity by asset classification for the year ended June 30,1991, was as follows (amounts
expressed in thousands):
|
|
Balance
|
|
|
Transfers
|
Balance
|
|
Classification
|
July 1, 1990
|
Additions
|
Deletions
|
in (out)
|
June 30, 1991
|
|
Land and improvements ...................
|
.......... $ 674,611
|
$20,773
|
$5,709
|
$19,920
|
$ 709,595
|
|
Structure and improvements ...............
|
.......... 2,336,908
|
46,367
|
4,507
|
59,944
|
2,438,712
|
|
Equipment ..............................
|
.......... 922,751
|
69,743
|
36,041
|
31,266
|
987,719
|
|
Construction in progress ..................
|
.......... 392,089
|
337,918
|
|
(111,130)
|
618,877
|
|
Total .................................
|
.......... $4,326,359
|
$474,801
|
$46,257
|
$ -0-
|
$4,754,903
|
Higher Education Fund:
Property, plant and equipment, as of June 30, 1991, consisted of the following (amounts expressed in
thousands):
|
Land .....................................................................................
|
$ 62,429
|
|
Structure and improvements .................................................................
|
1,227,936
|
|
Equipment ................................................................................
|
600,472
|
|
Construction in progress .....................................................................
|
170,780
|
|
Total ...................................................................................
|
$2,061,617
|
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.
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