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 $296,787,000 were issued with a discount of
$2,831,000.

General obligation bonds outstanding and bonds authorized but unissued, as of June 30,1991, were as follows
(amounts expressed in thousands):

		Outstanding		Authorized But Unissued
Purpose	Interest	Rates	Amount	Amount
General construction .....................................	5.7 %	to 11.3%	$ 884,158	$448,565
Public school construction .................................	4.7	to 11.0	526,620	112,710
Water quality ...........................................	5.75	to 11.0	177,920	118,861
Sanitary facilities and sewage treatment .....................	4.7	to 11.0	8,360	21,105
Hospitals and nursing homes ...............................	4.7	to 9.2	31,340	13,180
Community colleges and vocational schools ...................	5.0	to 11.0	30,795	27,725
Housing loans ...........................................	8.2	to 11.0	41,790	10,503
Jails and correctional institutions ...........................	4.75	to 11.0	90,661	102,271
Private colleges .........................................	5.7	to 11.3	36,723	11,504
Social, cultural and historical ...............................	4.7	to 11.0	60,842	27,721
Other ..................................................	8.2	to 11.0	149,228	128,628
			$2,038,437	$1,022,773

As of June 30, 1991, general obligation debt service requirements for principal and interest in future years
were as follows (amounts expressed in thousands):

Years Ending		Years Ending
June 30,	Total	June 30,	Total
1992 .................	$339,326	2000 .................	$177,795
1993 .................	302,640	2001 .................	152,120
1994 .................	294,455	2002 .................	129,428
1995 .................	303,951	2003 .................	110,639
1996 .................	279,425	2004 .................	75,583
1997 .................	254,011	2005 .................	56,785
1998 .................	229,219	2006 .................	32,573
1999 .................	177,580

On July 23,1991, general obligation bonds aggregating $100,000,000 were issued with a discount of $976,000.
The interest rates on this issue range from 5.5% to 6.5% and the bonds mature serially through 2006. On October
22, 1991, general obligation bonds aggregating $120,000,000 were issued with a discount of $1,167,000. The
interest rates on this issue range from 5.1% to 6.1% and the bonds mature serially through 2006.

10. Transportation Bonds:

Transportation Bonds outstanding as of June 30,1991, were as follows (amounts expressed in thousands):

	Outstanding
Consolidated Transportation Bonds? 5.2% to 9.0%, due serially through 2005 ...........	$ 842,000
County Transportation Bonds? 4.0% to 5.6% Refunding Series, due serially through 1997 .	26,730
County Transportation Bonds? 5.3% to 11.0%, due serially through 2005 ...............	134,650
	$1,003,380

Consolidated Transportation Bonds are limited obligations issued by the Department of Transportation
(Department) for highway, port, airport or mass transit facilities or any combination of such facilities, the
principal of which must be paid within 15 years from the date of issue. The outstanding aggregate principal
amount of these bonds may not by law exceed $950,000,000. At June 30,1991, the principal amount of additional
bonds which may be issued under this limitation was $108,000,000.

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