The proceeds from transportation bonds issued after December 31, 1986, are subject to Federal regulations
governing the investment and use of proceeds of tax-exempt debt issuances.

During fiscal year 1993, Consolidated Transportation Bonds aggregating $75,000,000 were issued at a
discount of $643,000.

As of June 30,1993, Transportation bond debt service requirements for principal and interest in future years
were as follows (amounts expressed in thousands):

			Total
			Transportation
	Consolidated	County	Bond Debt
Years Ending	Transportation	Transportation	Service
June 30	Bonds	Bonds	Requirements
1994 ......................................	$ 81,647	$27,294	$108,941
1995 ......................................	94,633	26,892	121,525
1996 ......................................	112,621	27,002	139,623
1997 ......................................	120,506	19,912	140,418
1998 ......................................	126,085	19,198	145,283
1999 ......................................	126,146	14,737	140,883
2000 ......................................	124,077	12,057	136,134
2001 ......................................	120,867	8,966	129,833
2002 ......................................	121,014	7,948	128,962
2003 ......................................	95,227	6,687	101,914
2004 ......................................	98,652	4,628	103,280
2005 ......................................	100,818	3,818	104,636
2006 ......................................	66,773	2,717	69,490
2007 ......................................	25,881	892	26,773
2008 ......................................	9,766		9,766

On September 8,1993, Consolidated Transportation Bonds aggregating $40,000,000 were issued at a discount
of $397,000. The interest rates on this issue range from 3.9% to 4.8% and mature serially through 2008.

On September 8,1993, Consolidated Transportation Bond Refunding Series aggregating $211,985,000 were
issued with a discount of $1,450,000. The interest rates on this issue range from 3.6% to 4.4% and mature serially
through 2005.

11. Maryland Transportation Authority Bonds:

The Maryland Transportation Authority (Authority) has issued Transportation Facilities Projects Revenue
Bonds, Series 1985 (Refunding), Series 1991 and 1992, which are payable solely from the revenues of the
transportation facilities projects. Bonds outstanding as of June 30, 1993, consisted of (amounts expressed in
thousands):

Revenue bonds, Series 1985, maturing in annual installments from $1,070 to $5,365 from July 1,
1993, through July 1, 2000, with interest rates ranging from 7.5% to 8.65%, payable
semiannually ..................................................................	$ 27,925
Term bonds with interest at 8.8%, payable semiannually, due July 1, 2005 ................	11,365
Term bonds with interest at 7%, payable semiannually, due July 1, 2016 ..................	17,795
Revenue bonds, Series 1991, maturing in annual installments from $4,735 to $9,380 from July 1,
1995, to July'1, 2006, with interest rates ranging from 6% to 6.5%, payable semiannually . . .	81,000
Revenue bonds, Series 1992, maturing in annual installments from $5,135 to $14,570 from July
1, 1996, to July 1, 2013, with interest rates ranging from 4.375% to 5.8%, payable
semiannually ..................................................................	94,200
Capital appreciation bonds maturing in annual installments of original principal and an
accreted amount ranging from $3,000 to $15,420 from July 1, 2004, to July 1, 2015, with
approximate yield to maturity of 6% to 6.35% .......................................	43,152
Current interest term bond with interest payable semiannually at 5.75% due July 1, 2015 . . .	27,020
	$302,457

The Series 1985 refunding revenue bonds maturing after July 1, 1995, are subject to redemption, at the
Authority's option, beginning July 1,1995. The redemption prices range, as a percentage of the principal amount,
from 100% to 102%. A portion of the bonds maturing on July 1, 2005, is subject to redemption beginning in 2001.
The principal amortization requirements range from $4,930,000 to $6,350,000 per year. The Series 1991 revenue
bonds maturing after July 1,2001 are subject to redemption, at the Authority's option, on or after July 1, 2001, at
redemption prices ranging from 100% to 102% of the principal amount.

A portion of the Series 1992 revenue bonds, $13,130,000 of the current interest term bonds stated to mature
on July 1, 2015, are subject to mandatory sinking fund redemption on July 1, 2014, at a redemption price equal to
the principal amount plus accrued interest. The current interest serial bonds stated to mature on July 1,2013, and
the balance of the current interest term bonds stated to mature on July 1, 2015 are subject to redemption at the
option of the Authority on or after July 1,2002 without premium. The capital appreciation bonds are not subject to
early redemption. Capital appreciation bonds payable as of June 30, 1993, include an accreted amount of
$2,257,000.

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