|
9. Long-Term Obligations
A. General Long-Term Debt:
Changes in general long-term debt, for the year ended June 30, 1995, are as follows (amounts expressed in
thousands).
|
|
General
Obligation
|
Transportation
|
Maryland
Transportation
Authority
|
Accrued
Self-
Insurance
|
Accrued
Annual
|
Obligations
Under
Capital
|
Total
Long-Term
|
|
|
Bonds
|
Bonds
|
Bonds
|
Costs
|
Leave
|
Leases
|
Obligations
|
|
Balance, July 1, 1994 .....................................................
|
$2,504,004
|
$1,046,135
|
$302,541
|
$101,495
|
$131,725
|
$113,564
|
$4,199,464
|
|
Bond issuances................................................................
|
335,000
|
75,000
|
162,580
|
|
|
|
572,580
|
|
Bond accretion ...............................................................
|
|
|
2,886
|
|
|
|
2886
|
|
New obligations under capital leases..........................
|
|
|
|
|
|
16,872
|
16,872
|
|
Reduction in bond principal..........................................
|
(219,935)
|
(59,425)
|
(2,825)
|
|
|
|
(282,185)
|
|
Retirements of obligations under capital leases.......
|
|
|
|
|
|
(21,158)
|
(21,158)
|
|
Net increase in accrued self-insurance costs.............
|
|
|
|
6,876
|
|
|
6 876
|
|
Net increase in accrued annual leave ........................
|
|
|
|
|
11,930
|
|
11^930
|
|
Balance, June 30, 1995 ..................................................
|
,$2,619,069
|
$1,061,710
|
$465,182
|
$108,371
|
$143,655
|
$109,278
|
$4,507,265
|
General Obligation Bonds —
General obligation bonds are authorized and issued primarily to provide funds for State owned capital
improvements, including facilities for institutions of higher education and the construction of public schools in
political subdivisions. Bonds have also been issued for local government improvements, including grants and loans
for water quality improvement projects and correctional facilities, and to provide funds for loans or outright grants
to private, not-for-profit cultural or educational institutions. Under constitutional requirements and practice, the
Maryland General Assembly, by a separate enabling act, authorizes a loan for a particular object or purpose.
Thereafter, the Board of Public Works, a constitutional body comprised of the Governor, the Comptroller of the
Treasury and the State Treasurer, by resolution, authorizes the issuance of bonds in a specified amount for part or
all of the loan authorized by a particular enabling act.
General obligation bonds, which are paid from the general obligation debt service fund, are backed by the full
faith and credit of the State and, pursuant to the State Constitution, must be fully paid within 15 years from the
date of issue. Property taxes, debt service fund loan repayments and general fund appropriations provide the
resources for repayment of general obligation bonds.
Bonds issued after January 1, 1988, are subject to redemption provisions at the option of the State.
As of June 30, 1995, the State has $310,515,000 of defeased debt outstanding.
General obligation bonds issued and outstanding, as of June 30, 1995, are as follows (amounts expressed in
thousands).
|
|
|
Interest
|
Principal
|
Principal
|
|
Issue
|
Maturity
|
Rates
|
Issued
|
Outstanding
|
|
7/1/80
|
1984-1996
|
6.00-6.25%
|
$ 121,970
|
$ 14,250
|
|
7/1/81
|
1985-1997
|
9.20%
|
91,915
|
21,040
|
|
11/15/81
|
1985-1997
|
11.30%
|
96265
|
22,900
|
|
7/1/82
|
1986-1998
|
11.00-11.20%
|
140,495
|
50,740
|
|
12/1/82
|
1986-1998
|
8.30-8.40%
|
126,735
|
43,975
|
|
6/30/83
|
1986-1998
|
8.20-8.40%
|
125,000
|
41,470
|
|
3/1/84
|
1987-1999
|
8.00-8.20%
|
116,700
|
49,640
|
|
9/1/84
|
1988-2000
|
8.50-9.00%
|
138,990
|
71,205
|
|
3/1/86
|
1989-2001
|
6.40-3.50%
|
124,585
|
72375
|
|
7/15/86
|
1990-2002
|
6.50-6.70%
|
164,645
|
105,005
|
|
7/1/87
|
1991-2003
|
6.30-6.50%
|
144,860
|
101620
|
|
1/1/88
|
1991-2003
|
6.50-7.00%
|
80000
|
24,750
|
|
5/15/88
|
1991-2003
|
5.20-6.88%
|
80000
|
24750
|
|
10/15/88
|
1991-2003
|
6.00-7.00%
|
80000
|
29,980
|
|
3/1/89
|
1992-2004
|
6.25-6.80%
|
80,000
|
29980
|
|
7/15/89
|
1992-2004
|
6.40-6.50%
|
80000
|
35,025
|
|
3/1/90
|
1993-2005
|
6.00-6.70%
|
130,000
|
56,945
|
|
4/1/90
|
1995-2000
|
6.10-6.60%
|
24227
|
7,833
|
|
7/15/90
|
1994-2006
|
6.40-6.80%
|
95000
|
55630
|
|
10/15/90
|
1994-2006
|
6.10-7.10%
|
95,000
|
46,880
|
|
3/15/91
|
1994-2006
|
5.50-6.50%
|
95000
|
64905
|
|
6/1/91
|
1996-2001
|
5.60-6.10%
|
11,787
|
11,611
|
|
7/15/91
|
1995-2007
|
5.50-6.50%
|
100,000
|
83,985
|
|
10/15/91
|
1995-2007
|
5.10-6.10%
|
120,000
|
113,625
|
|
5/13/92
|
1995-2007
|
4.40-6.00%
|
120000
|
113605
|
|
1/13/93
|
1996-2008
|
4.75-5.50%
|
130,000
|
130,000
|
|
5/19/93
|
1996-2008
|
4.50-5.50%
|
130410
|
130,410
|
|
5/l9/93(a)
|
1994-2006
|
4.50-5.10%
|
147,740
|
144900
|
|
10/6/93
|
1997-2009
|
3.00-4.75%
|
140,400
|
140,400
|
|
10/6/93(a)
|
1995-2007
|
3.00-4.75%
|
143,145
|
141,540
|
|
02/16/93
|
1997-2009
|
3.50-4.75%
|
119,965
|
119965
|
|
02/16/93(a)
|
1995-2003
|
3.50-4.75%
|
64,245
|
63,130
|
|
5/18/94
|
1997-2009
|
4.88-5.50%
|
120,000
|
120000
|
|
10/15/94
|
1998-2010
|
5.00-6.00%
|
160000
|
160,000
|
|
3/18/95
|
1998-2010
|
5.00-5.70%
|
175,000
|
175,000
|
|
|
|
|
$3,914,079
|
$2,619,069
|
(a) Refunding Debt
53
|
 |
