Revenue Bonds:

In November 1989, the Authority issued lease revenue bonds to finance the construction of the Stadium and to
refinance, in part, the costs of acquiring and preparing the property at the Stadium site. The principal amount
outstanding as of June 30,1993, is $135,965,000, with interest payable semiannually at rates varying from 6.3% to
7.6% per annum. The bonds mature serially in varying amounts through 2019.

Obligations Under Capital Leases:

Obligations under capital leases of $3,096,000 exist as of June 30,1993. The 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 ...........................................................................	$ 452
1995 ...........................................................................	458
1996 ...........................................................................	678
1997 ...........................................................................	678
1998 ...........................................................................	679
1999 and thereafter ...............................................................	2,375
Total future minimum payments ....................................................	5,320
Less amount representing interest ..................................................	2,224
Present value of net minimum lease payments .........................................	$3,096

Maturities of enterprise funds notes payable and revenue bond principal are as follows (amounts expressed in
thousands):

		Maryland		Maryland
	Community	Water Quality	Maryland	State	Maryland	Maryland
Years Ending	Development	Financing	Food Center	Lottery	Environmental	Stadium
June 30	Administration	Administration	Authority	Agency	Service	Authority
1994 ............................	$ 125,009	$ 2,160	$ 68	$1,677	$ 2,143	$ 1,825
1995 ............................	47,637	3,650	76	1,761	2,366	1,950
1996 ............................	52,337	5,830	84	1,849	1,987	2,085
1997 ............................	52,825	6,435	93	1,767	1,834	2,240
1998 ............................	52,493	6,715	103	1,854	1,353	2,400
1999 and thereafter ...............	1,995,344	106,956	4,184		17,346	142,795
	$2,325,645	$131,746	$4,608	$8,908	$27,029	$153,295

D. 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. In June 1992, the
University of Maryland System issued 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
1994 ...................	$ 6,885	$ 14,728	$ 3,149	$ 24,762
1995 ...................	6,605	17,596	2,477	26,678
1996 ...................	5,950	18,629	2,276	26,855
1997 ...................	5,695	19,736	1,909	27,340
1998 ...................	1,665	21,135	1,360	24,160
1999 and thereafter ......	13,010	340,243	4,630	357,883
	$39,810	$432,067	$15,801	$487,678

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.

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