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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.
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 from 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 1,1988, are subject to redemption provisions at the option of the State.
During the year, general obligation bonds aggregating $340,000,000 were issued at a discount of $3,342,000.
General obligation bonds outstanding and bonds authorized, but unissued, at June 30,1992, were as follows
(amounts expressed in thousands):
|
Purpose
|
Outstanding
Interest Rates
|
Amount
|
Authorized But
Unissued
Amount
|
|
General construction .....................................
|
4.7% to 11.3%
|
$ 951,871
|
$ 493,902
|
|
Public school construction .................................
|
4.7 to 11.3
|
525,405
|
105,200
|
|
Water quality ...........................................
|
4.7 to 11.0
|
190,315
|
108,731
|
|
Sanitary facilities and sewage treatment .....................
|
4.7 to 11.0
|
9,375
|
35,785
|
|
Hospitals and nursing homes ...............................
|
4.7 to 9.2
|
32,210
|
19,000
|
|
Community colleges and vocational schools ...................
|
4.7 to 11.0
|
36,445
|
23,915
|
|
Housing loans ...........................................
|
4.7 to 11.3
|
38,465
|
12,503
|
|
Jails and correctional institutions ...........................
|
4.7 to 11.0
|
103,025
|
90,048
|
|
Private colleges .........................................
|
4.7 to 11.3
|
39,067
|
17,975
|
|
Social, cultural and historical ...............................
|
4.7 to 11.0
|
77,240
|
17,466
|
|
Other ..................................................
|
4.7 to 11.3
|
174,781
|
107,227
|
|
|
|
$2,178,199
|
$1,031,752
|
As of June 30, 1992, 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
|
|
1993 .................
|
$322,081
|
2001 .................
|
$189,987
|
|
1994 .................
|
313,896
|
2002 .................
|
167,367
|
|
1995 .................
|
340,947
|
2003 .................
|
148,624
|
|
1996 .................
|
316,668
|
2004 .................
|
113,569
|
|
1997 .................
|
291,427
|
2005 .................
|
94,748
|
|
1998 .................
|
266,778
|
2006 .................
|
70,483
|
|
1999 .................
|
215,263
|
2007 .................
|
37,820
|
|
2000 .................
|
215,527
|
|
|
10. Transportation Bonds:
Transportation Bonds outstanding at June 30,1992, were as follows (amounts expressed in thousands):
|
|
Outstanding
|
|
Consolidated Transportation Bonds— 6.0% to 7.1%, due serially through 2006 ...........
|
$ 941,000
|
|
County Transportation Bonds— 4.9% to 5.6% Refunding Series, due serially through 1997 .
|
25,690
|
|
County Transportation Bonds— 4.6% to 9.0%, due serially through 2006 ................
|
129,550
|
|
|
$1,096,240
|
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 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, 1992, the principal amount of additional bonds which
may be issued under this limitation was $9,000,000.
At the first 1992 Special Session, the General Assembly enacted legislation that increased the limit of the
aggregate principal amount of Consolidated Transportation Bonds that may be outstanding from $950,000,000 to
$1,200,000,000. The legislation also provides that the General Assembly shall establish in the budget for any fiscal
year a maximum outstanding aggregate amount of these bonds at June 30 of the respective fiscal year that does
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