|
With respect to 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 debt service reserve requirement has been satisfied by a
$17,689,000 deposit of cash and investments with the trustee. 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 at June 30, 1995, include an accreted
amount of $7,862,000.
As of June 30, 1995, Maryland Transportation Authority Bond debt service requirements for principal and
interest in future years are as follows (amounts expressed in thousands).
|
Years Ending
|
|
Years Ending
|
|
|
June 30
|
Total
|
June 30
|
Total
|
|
1996..............................................
|
$32,636
|
2009..................................
|
............. $31,939
|
|
1997..............................................
|
41,737
|
2010..................................
|
............. 31,942
|
|
1998..............................................
|
41,734
|
2011..................................
|
............. 31,943
|
|
1999..............................................
|
41,739
|
2012..................................
|
............. 24,454
|
|
2000..............................................
|
41,752
|
2013..................................
|
............. 23,986
|
|
2001..............................................
|
41,769
|
2014..................................
|
............. 23,494
|
|
2002..............................................
|
41,785
|
2015..................................
|
............. 55,841
|
|
2003..............................................
|
41,809
|
2016..................................
|
............. 22,407
|
|
2004..............................................
|
41,828
|
2017..................................
|
............. 21,901
|
|
2005..............................................
|
41,855
|
2018..................................
|
............. 2,210
|
|
2006..............................................
|
41,889
|
2019.................................
|
............. 1,518
|
|
2007..............................................
|
41,930
|
2020..................................
|
............. 55,012
|
|
2008..............................................
|
31,948
|
|
|
As of June 30, 1995, $132,220,000 of Series 1985 revenue bonds are defeased.
The outstanding portion of the Series 1985 revenue bonds were redeemed in July 1995.
Obligations Under Capital Leases —
Obligations under capital leases totaled $109,278,000 as of June 30, 1995, bearing interest at annual rates
ranging from 3.5% to 7.7%. 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, 1995 (amounts expressed in
thousands).
|
Years Ending
|
|
|
June 30
|
Amount
|
|
1996.......................................................................................................
|
$27,419
|
|
1997.......................................................................................................
|
23,125
|
|
1998.......................................................................................................
|
16,360
|
|
1999.......................................................................................................
|
11,566
|
|
2000.......................................................................................................
|
7,904
|
|
2001 and thereafter............................................................................
|
57,486
|
|
Total future minimum payments .....................................................
|
143,860
|
|
Less amount representing interest..................................................
|
34,582
|
|
Present value of net minimum payments ......................................
|
$109,278
|
B. Long-Term Obligations — Enterprise Funds —
The enterprise fund long-term obligations as of June 30, 1995, consist of the following (amounts expressed in
thousands).
|
Community Development Administration Revenue Bonds.......................................................
|
$2,428,131
|
|
Maryland Water Quality Financing Administration Revenue Bonds ......................................
|
163,203
|
|
Maryland Stadium Authority Revenue Bonds ............................................................................
|
187,470
|
|
Total Revenue Bonds..................................................................................................................
|
2,778,804
|
|
Maryland Stadium Authority Notes Payable ..............................................................................
|
17,050
|
|
Maryland State Lottery Agency Notes Payable...........................................................................
|
14,433
|
|
Total Notes Payable....................................................................................................................
|
31,483
|
|
Capital Lease Obligations..............................................................................................................
|
6,117
|
|
Accrued Self-Insurance Costs.......................................................................................................
|
467
|
|
Accrued Annual Leave...................................................................................................................
|
953
|
|
Total long-term obligations........................................................................................................
|
$2,817,824
|
56
|
 |
