|
In August 1992, the Authority issued $162,115,000 in revenue bonds, which are described in the preceding
paragraph, to advance refund $132,220,000 of outstanding Series 1985 revenue bonds with an average interest
rate of 8.97%. The net proceeds of $152,694,000 (after payment of $2,210,000 in issuance costs and a $6,800,000
deposit to a required Series 1992 reserve subaccount) were used to purchase U.S. government securities. Those
securities were deposited in an irrevocable trust with an escrow agent to provide for all future debt service
payments on the refunded portion of the Series 1985 revenue bonds. As a result, this portion of the Series 1985
revenue bonds are considered to be defeased and the liability for those bonds has been removed from the general
long-term debt account group. This refunding resulted in a reduction of future debt service cash flows of
$19,133,000.
As of June 30, 1993, Maryland Transportation Authority Bond 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 ..................
|
$18,058
|
2006 ..................
|
$28,874
|
|
1995 ..................
|
18,860
|
2007 ..................
|
28,918
|
|
1996 ..................
|
23,601
|
2008 ..................
|
28,156
|
|
1997 ..................
|
28,721
|
2009 ..................
|
28,562
|
|
1998 ..................
|
28,719
|
2010 ..................
|
28,910
|
|
1999 ..................
|
28,724
|
2011 ..................
|
29,263
|
|
2000 ..................
|
28,740
|
2012 ..................
|
29,570
|
|
2001 ..................
|
28,753
|
2013 ..................
|
29,876
|
|
2002 ..................
|
28,772
|
2014 ..................
|
21,117
|
|
2003 ..................
|
28,795
|
2015 ..................
|
21,162
|
|
2004 ..................
|
28,815
|
2016 ..................
|
21,214
|
|
2005 ..................
|
35,769
|
2017 ..................
|
19,041
|
As of June 30,1993, $170,110,000 of revenue bonds are considered defeased.
12. Changes in General Long-Term Debt:
Changes in general long-term debt, for the year ended June 30,1993, were as follows (amounts expressed in
thousands):
|
|
|
|
Maryland
|
Accrued
|
|
Obligations
|
|
|
General
|
|
Transportation
|
Workers'
|
Accrued
|
Under
|
|
|
Obligation
|
Transportation
|
Authority
|
Compensation
|
Annual
|
Capital
|
|
|
Bonds
|
Bonds
|
Bonds
|
Costs
|
Leave
|
Leases
|
|
Balance, July 1, 1992 .........................
|
$2,178,199
|
$1,096,240
|
$ 272,760
|
$92,497
|
$129,609
|
$101,161
|
|
Bond Issuances ..............................
|
408,150
|
75,000
|
164,372
|
|
|
|
|
Increase in obligations under capital leases .......
|
|
|
|
|
|
15,577
|
|
Bond principal retirements ....................
|
(306,959)
|
(72,605)
|
(134,675)
|
|
|
|
|
Retirements of obligations under capital leases
|
|
|
|
|
|
(13,715)
|
|
Net decrease in accrued workers' compensation
|
|
|
|
|
|
|
|
costs .....................................
|
|
|
|
(1,253)
|
|
|
|
Net increase in accrued annual leave ............
|
|
|
|
|
5,659
|
|
|
Balance, June 30, 1993 ........................
|
, $2,279,390
|
$1,098,635
|
$ 302,457
|
$91,244
|
$135,268
|
$103,023
|
The July 1, 1992, balances have been restated to reflect the transfer of the Maryland Transportation
Authority from the enterprise fund to the special revenue fund.
13. Other Long-Term Obligations:
A. General Governmental Fund Type:
Obligations Under Capital Leases:
Obligations under capital leases totaled $103,023,000 as of June 30, 1993, bearing interest at annual rates
ranging from 4.25% to 8.7%. Following is a schedule of annual future minimum payments under these obligations,
along with the present value of the related net minimum payments as of June 30, 1993 (amounts expressed in
thousands):
|
Years Ending
|
|
|
June 30
|
Amount
|
|
1994 ...........................................................................
|
$ 20,161
|
|
1995 ...........................................................................
|
19,944
|
|
1996 ...........................................................................
|
18,380
|
|
1997 ...........................................................................
|
14,203
|
|
1998 ...........................................................................
|
8,006
|
|
1999 and thereafter ..............................................................
|
64,470
|
|
Total future minimum payments ....................................................
|
145,164
|
|
Less amount representing interest ..................................................
|
42,141
|
|
Present value of net minimum lease payments .........................................
|
$103,023
|
|
51
|
|
|
 |
