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% to 7.2% on the revenue bonds and the rate is 3% on the mortgage loans payable. On June 29,1992, the
University of Maryland System issued $47,045,000 in serial Equipment Loan Program Obligations to finance the
acquisition of new equipment and to refinance the balance of amounts due under certain installment purchase
agreements for equipment currently in the possession of the System. Payments of principal and interest, at rates
from 2.6% to 6.15%, are to be made semiannually through 2007. The Equipment Obligations are callable, at the
option of the System, at premiums of no more than 2%, beginning in 2003. Maturities of principal are as follows
(amounts expressed in thousands):

Years Ending	Equipment Loan		Mortgages
June 30,	Program Obligations	Revenue Bonds	and Other	Total
1993 ...................	$ 7,160	$ 14,540	$2,546	$ 24,246
1994 ...................	6,885	15,138	1,976	23,999
1995 ...................	6,605	16,016	1,118	23,739
1996 ...................	5,950	16,989	881	23,820
1997 ...................	5,695	18,026	450	24,171
1998 and thereafter ......	14,750	299,299	2,748	316,797
	$47,045	$380,008	$9,719	$436,772

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.

Obligations Under Capital Leases:

Obligations under capital leases of $7,158,000 exist at June 30,1992, bearing interest at annual rates ranging
from 2.8% to 19.3%. Following is a schedule of annual future minimum payments under these obligations, along
with the present value of the related net minimum payments at June 30,1992 (amounts expressed in thousands):

Years Ending
June 30,	Amount
1993 ............................................................................	$ 1,073
1994 ............................................................................	929
1995 ............................................................................	444
1996 ............................................................................	164
1997 ............................................................................	610
1998 and thereafter ...............................................................	12,033
Total future minimum payments .....................................................	15,253
Less amount representing interest ...................................................	8,095
Present value of net minimum lease payments ..........................................	$ 7,158

13. Contributed Capital:

The changes in contributed capital of the enterprise funds for the year ended June 30, 1992, are as follows
(amounts expressed in thousands):

	Economic D	'evelopment	Maryland	Maryland	Maryland
	Insurance	Loan	Food Center	Transportation	Environmental	State Use
	Programs	Programs	Authority	Authority	Service	Industries	Total
Balance, July 1, 1991 ...............	$70,545	$290,027	$485	$763,785	$ 9,528	$1,586	$1,135,956
Contributions .....................	1,000	39,831			4	58	40,893
Depreciation on contributed assets . . .			(12)		(1,077)	(126)	(1,215)
Residual equity transfer ............		(8,350)					(8,350)
Balance, June 30, 1992 .............	$71,545	$321,508	$473	$763,785	$ 8,455	$1,518	$1,167,284

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