Notes receivable for advances of general obligation bond proceeds bear interest at rates ranging from 3% to
9.19% and mature over the next 29 years. Notes receivable maturing after June 30, 1993, in the amount of
$41,822,000 are deemed to be not available for debt service because such amounts do not represent available
expendable financial resources. Accordingly, the amount has been reflected as a reservation of the debt service
fund fund balance.

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 30,1992.

Savings and loan association loans and notes were made or received in connection with assistance 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, at June 30,1992, consisted of the following (amounts expressed in thousands):

Enterprise Funds:

	Depreciable	Non-depreciable
	Assets	Assets
Land and improvements (includes land being held for development or sale
of $5,746) ........................................................		$ 117,573
Structure and improvements ..........................................	$176,173	1,925,382
Equipment .........................................................	48,391	276
Construction in progress. .............................................		1,038
	224,564	2,044,269
Less accumulated depreciation ......................................	33,653
Total ..........................................................	$190,911	$2,044,269

General Fixed Assets:

General fixed assets activity by asset classification for the year ended June 30,1992, was as follows (amounts
expressed in thousands):

	Balance			Transfers	Balance
Classification	July 1, 1991	Additions	Deletions	in (out)	June 30, 1992
Land and improvements .............................	$ 709,595	$ 11,939	$ 69	$ 57,095	$ 778,560
Structure and improvements .........................	2,438,712	110,725	11,240	298,991	2,837,188
Equipment ........................................	987,719	86,893	38,906	93,674	1,129,380
Construction in progress ............................	618,877	315,946		(449,760)	485,063
Total ...........................................	$4,754,903	$525,503	$50,215	$ -0-	$5,230,191

Higher Education Fund:

Property, plant and equipment, at June 30,1992, consisted of the following (amounts expressed in thousands):

Land .....................................................................................	$ 50,932
Structure and improvements .................................................................	1,468,109
Equipment ................................................................................	597,776
Construction in progress .....................................................................	172,009
Total ...................................................................................	$2,288,826

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 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

46