The Maryland Stadium Authority's marketable securities are held by the Bond Trustee. Proceeds to purchase
these marketable securities were derived from various bond issues and any proceeds from the sale of these
marketable securities are restricted to the purpose of the originating bond issue.

The investments of the Maryland Environmental Service (Service) primarily relate to bond indentures. The
Service or its trustee banks are authorized to invest assets related to bond indentures in obligations of the United
States of America, any federal agency, high quality commercial paper or mutual funds that invest in U.S.
Government securities. Additionally, the Service may otherwise invest in securities allowed by the State.

Investments of the Maryland Stadium Authority, Maryland Environmental Service, Maryland Industrial
Development Financing Authority, and the higher education institutions are stated at fair value which is based on
quoted market prices.

The investments as of June 30, 1997, for the discretely presented Component Units are as follows (amounts
expressed in thousands).

		Category		Fair
	1	2	3	Value
U. S. Treasury and agency obligations........ .............................	$ 60,443	$ 9,266		$ 69,709
Corporate debt securities ...........................................................	9,733	1,225		10,958
Corporate equity securities ........................................................	109,569			109,569
Mortgage backed securities............ ............................................	148			148
Other...............................................................................................	5,534			5,534
	$185,427	$10,491		195,918
Mutual Funds................................................................................				5,414
Total........................................................................................				$201,332

5. Taxes Receivable:

Taxes receivable, as of June 30, 1997, consists of the following (amounts expressed in thousands).

		Fui	ids
		Special	Debt	Trust and
	General	Revenue	Service	Agency
Income taxes................................................................................................................................................	$273,870			$141,215
Sales and use taxes....................................................................................................................................	193,272
Transportation taxes, principally motor vehicle fuel and excise .......................................................		$67,341
Unemployment compensation taxes........................................................................................................				84,482
Other taxes, principally alcohol, tobacco and property.............................. .............. ...........................	19,862		$6,227
Taxes receivable, net..................................................................................................................................	$487,004	$67,341	$6,227	$225,697

51