As of June 30, 1993, 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
1994 ...................	$326,109	2002 ...................	$195,190
1995 ...................	353,097	2003 ...................	176,470
1996 ...................	343,995	2004 ...................	141,444
1997 ...................	318,858	2005 ...................	122,623
1998 ...................	294,289	2006 ...................	98,332
1999 ...................	242,860	2007 ...................	65,974
2000 ...................	243,170	2008 ...................	28,105
2001 ...................	217,735

On October 6, 1993, general obligation bonds aggregating $283,545,000 were issued with a discount of
$2,321,000. The interest rates on this issue range from 3% to 4.75% and the bonds mature serially through 2008.

10. Transportation Bonds:

Transportation Bonds outstanding as of June 30,1993, were as follows (amounts expressed in thousands):

	Outstanding
Consolidated Transportation Bonds— 4.3% to 7.1%, due serially through 2007 ...........	$ 959,800
County Transportation Bonds— 5.1% to 5.6% Refunding Series, due serially through 1997 .	21,930
County Transportation Bonds— 4.6% to 9.0%, due serially through 2006 ................	116,905
	$1,098,635

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 maximum aggregate principal amount of Consolidated Transportation Bonds that may be outstanding is
$950,000,000 to $1,200,000,000, with the General Assembly establishing in each fiscal year's budget the maximum
outstanding amount of these bonds that can be outstanding June 30 of the respective fiscal year up to the
maximum of $1,200,000,000. For fiscal year 1993, the aggregate principal amount of consolidated Transportation
Bonds that may be outstanding as of June 30,1993, was $960,000,000.

Consolidated Transportation Bonds are paid from the transportation debt service fund except for the Bond
Anticipation Notes (none outstanding as of June 30, 1993), which are paid from the proceeds of Consolidated
Transportation Bonds which are deposited in the special revenue fund. Principal of and interest on Consolidated
Transportation Bonds are payable from the proceeds of certain excise taxes levied by statute and the corporate
income tax credited to the Department. These amounts are applicable to the extent necessary for that exclusive
purpose before being available for other uses by the Department. If those tax proceeds become insufficient to meet
debt service requirements, other receipts of the Department are available for that purpose. The holders of such
bonds are not entitled to look to other State resources for payment.

Under the terms of authorizing bond resolutions, additional Consolidated Transportation Bonds may be
issued, provided, among other conditions, that (i) total receipts (excluding Federal funds for capital projects, bond
and note proceeds, income received from a sinking fund separately dedicated to the Refunding Bonds, and other
receipts not available for debt service), less administration, operation and maintenance expenses, for the
preceding fiscal year equal at least two times the maximum annual debt service on all Consolidated Transportation
Bonds outstanding and to be issued, and that (ii) total proceeds from pledged taxes equal at least two times the
maximum annual debt service on all Consolidated Transportation Bonds outstanding and to be issued.

County Transportation Bonds are issued by the Department and the proceeds are used by participating
counties and Baltimore City to fund local road construction, reconstruction and other transportation projects and
facilities, and to provide local participating funds for federally-aided highway projects. Debt service on these
bonds is payable from the counties' and Baltimore City's shares of highway user revenues.

By law, the Department may not issue County Transportation Bonds on behalf of a participant if such
participant's share of highway user revenues for the latest fiscal year is less than twice such participant's
maximum annual debt service on County Transportation Bonds.

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