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Maryland State Lottery Agency — Obligations Under Capital Leases —
Obligations under capital leases of $6,754,000 exist as of June 30, 1994, bearing interest at an annual rate of
7.5%. 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, 1994 (amounts expressed in thousands):
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Years Ending
|
|
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June 30
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Amount
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1995............................................................................................
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$3,678
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1996............................................................................................
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3,678
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Total future minimum payments ..........................................
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7,356
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Less amount representing interest.......................................
|
602
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Present value of net minimum lease payments.............
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$6,754
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Maturities of enterprise funds notes payable and revenue bond principal are as follows (amounts expressed in
thousands):
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Maryland
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Maryland
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Community
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Water Quality
|
Maryland
|
State
|
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Years Ending
|
Development
|
Financing
|
Stadium
|
Lottery
|
|
June 30
|
Administration
|
Administration
|
Authority
|
Agency
|
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1995......................................................................................................................................
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$ 111,614
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$ 3,650
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$ 1,950
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$ 3,761
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1996......................................................................................................................................
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51,569
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5,830
|
2,085
|
3,952
|
|
1997......................................................................................................................................
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52,119
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6,435
|
2,240
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3,977
|
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1998......................................................................................................................................
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52,384
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6,715
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2,400
|
4,178
|
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1999......................................................................................................................................
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53,658
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7,000
|
2,580
|
2,326
|
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2000 and thereafter ...........................................................................................................
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2,024,832
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103,567
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140,215
|
|
|
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$2,346,176
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$133,197
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$151,470
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$18,194
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C. Long Term Obligations — Component Units:
Higher Education Fund —
Certain State higher education institutions have issued revenue bonds and mortgage loans payable for the
acquisition and construction of student housing and other facilities. Student fees and other user revenues
collateralize the revenue bonds. The mortgage loans payable are collateralized by real estate. Interest rates range
from 4% to 7.2% on the revenue bonds and the rate is 3% on the mortgage loans payable. In June 1992, the
University of Maryland System issued serial Equipment Loan Program Obligations to finance the acquisition of new
equipment and to refinance the balance of amounts due under certain installment purchase agreements for
equipment then in the possession of the System. Payments of principal and interest, at rates from 2.6% to 6.15%, are
to be made semiannually through 2007. The Equipment Obligations are callable, at the option of the System, at
premiums of no more than 2%, beginning in 2003. Maturities of principal are as follows (amounts expressed in
thousands):
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Years Ending
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Equipment Loan
|
|
Mortgages
|
|
|
June 30
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Program Obligations
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Revenue Bonds
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and Other
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Total
|
|
1995..................................................................................................
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$ 6,606
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$ 18,600
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$ 2,827
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$ 28,032
|
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1996..................................................................................................
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5,950
|
19,759
|
2,652
|
28,361
|
|
1997..................................................................................................
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6,695
|
20,926
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2,287
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28,908
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1998..................................................................................................
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1,665
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22,349
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1,513
|
25,527
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1999..................................................................................................
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1,760
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23,716
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1,120
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26,586
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2000 and thereafter.......................................................................
|
11,335
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351,655
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3,508
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366,498
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|
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$33,000
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$457,005
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$13,907
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$503,912
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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.
On October 6, 1993, the University of Maryland System issued $124,225,000 of Auxiliary Facility and Tuition
Revenue Bonds 1993 Refunding Series C (1993 Refunding Series C Revenue Bonds) to advance refund $107,568,288
of selected maturities of the 1989 Refunding Series A, 1989 Series B, 1991 Series A, 1992 Series A, and 1992 Series B
Revenue Bonds. The net proceeds of the 1993 Refunding Series C (after payment of underwriting fees and other
issuance costs) were used to purchase U.S. Treasury and agency obligations, which were placed in an irrevocable
trust to pay the debt service, and the principal and corresponding premiums at the date of redemption, on each of
the refunded obligations. The advance refunding will result in a reduction of debt service requirements of
$11,663,046 and an economic gain (the difference between the present value of the debt service requirements on
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