As provided by law, the General Assembly shall establish in the budget for any fiscal year a maximum
outstanding aggregate amount of these Consolidated Transportation Bonds as of June 30 of the respective fiscal
year that does not exceed $1,200,000,000. The aggregate principal amount of those bonds that was allowed to be
outstanding as of June 30, 1997, was $1,100,000,000. The aggregate principal amount of Consolidated
Transportation Bonds outstanding as of June 30, 1997, was $924,380,000. Consolidated Transportation Bonds are
paid from the transportation debt service fund. Principal and interest on Consolidated Transportation Bonds are
payable from the proceeds of certain excise taxes levied by statute and a portion of the corporate income tax
credited to the Department. These amounts are available to the extent necessary for that exclusive purpose before
being available for other uses by the Department. If those tax proceeds become insufficient to meet debt service
requirements, other receipts of the Department are available for that purpose. The holders of such bonds are not
entitled to look to other State resources for payment.
Under the terms of the authorizing bond resolutions, additional Consolidated Transportation Bonds may be
issued, provided, among other conditions, that (i) total receipts (excluding Federal funds for capital projects, bond
and note proceeds, and other receipts not available for debt service), less administration, operation and
maintenance expenses, for the preceding fiscal year, equal at least two times the maximum annual debt service on
all Consolidated Transportation Bonds outstanding and to be issued, and that (ii) total proceeds from pledged
taxes equal at least two times the maximum annual debt service on all Consolidated Transportation Bonds
outstanding and to be issued.
County Transportation Bonds are issued by the Department and the proceeds are used by participating
counties and Baltimore City to fund local road construction, reconstruction and other transportation projects and
facilities, and to provide local participating funds for federally-aided highway projects. Debt service on these bonds
is payable from the counties' and Baltimore City's shares of highway user revenues.
Legislation was enacted during the 1993 session of the General Assembly that established an alternative
County transportation bond program. This new legislation provides features similar to the previous program
except that the County transportation debt will be the obligation of the participating counties rather than the
Department.
On December 1, 1996, Consolidated Transportation Bonds in the amount of $50,000,000 were issued by the
Department with a premium of $118,080. The Bonds are dated December 1, 1996, with maturities ranging from
December 1998 to December 2011, at an interest rate of 5.0%.
As of June 30, 1997, Transportation bond debt service requirements for principal and interest in future years
are as follows (amounts expressed in thousands).
|
|
|
Total
|
|
|
|
Transportation
|
|
Consolidated
|
County
|
Bond Debt
|
Years Ending
|
Transportation
|
Transportation
|
Service
|
June 30,
|
Bonds
|
Bonds
|
Requirements
|
1998...........................................
|
$142,769
|
$5,338
|
$148,107
|
1999...........................................
|
133,249
|
869
|
134,118
|
2000...........................................
|
133,386
|
869
|
134,255
|
2001...........................................
|
106,334
|
873
|
107,207
|
2002...........................................
|
109,888
|
878
|
110,766
|
2003...........................................
|
115,087
|
886
|
115,973
|
2004...........................................
|
117,930
|
885
|
118,815
|
2005...........................................
|
119,495
|
891
|
120,386
|
2006...........................................
|
84,524
|
888
|
85,412
|
2007...........................................
|
45,586
|
892
|
46,478
|
2008...........................................
|
29,782
|
|
29,782
|
2009...........................................
|
21,257
|
|
21,257
|
2010...........................................
|
16,918
|
|
16,918
|
2011...........................................
|
6,600
|
|
6,600
|
2012...........................................
|
6,300
|
|
6,300
|
Maryland Transportation Authority Bonds ?
The Maryland Transportation Authority (Authority) has issued Transportation Facilities Projects Revenue
Bonds, Series 1991 and 1992, which are payable solely from the revenues of the transportation facilities projects.
56
|
|