Proprietary Fund Type —
Maturities of component unit — proprietary fund type revenue bond principal and notes payable are as follows
(amounts expressed in thousands).
|
Maryland
|
Maryland
|
Maryland
|
|
Years Ending
|
Stadium
|
Food Center
|
Environmental
|
|
June 30,
|
Authority
|
Authority
|
Service
|
Total
|
1998....................
|
$ 4,280
|
$ 97
|
$ 3,797
|
$ 8,174
|
1999....................
|
5,165
|
104
|
2,789
|
8,058
|
2000....................
|
6,980
|
112
|
2,953
|
10,045
|
2001....................
|
7,410
|
120
|
1,964
|
9,494
|
2002....................
|
7,870
|
128
|
1,647
|
9,645
|
2003 and
|
|
|
|
|
thereafter..........
|
273,253
|
135
|
20,312
|
293,700
|
|
$304,958
|
$696
|
$33,462
|
$339,116
|
Maryland Stadium Authority (Authority) —Revenue Bonds —
The Authority has issued various lease revenue bonds and notes to finance the construction of the baseball and
football stadium, and convention center expansions in Baltimore City and the Town of Ocean City. The outstanding
debt is to be repaid through capital lease payments from the State of Maryland, as the State has entered into capital
lease arrangements for the use of the facilities financed with the debt proceeds.
As of June 30, 1997, the Authority had outstanding revenue bonds for the construction, renovation and
expansion of certain facilities as follows (amounts expressed in thousands).
|
Outstanding
|
Interest
|
Maturity
|
Facility
|
Amount
|
Rates
|
Date
|
Baseball Stadium......................................................................................................
|
$128,343
|
6.5% to 7.6%
|
December 14, 2019
|
Baltimore City Convention Center...... ..................................................................
|
55,000
|
5.25% to 5.88%
|
December 15, 2014
|
Ocean City Convention Center ..............................................................................
|
17,340
|
4.8% to 5.38%
|
December 15, 2015
|
Football Stadium......................................................................................................
|
87,565
|
5.3% to 5.8%
|
March 1, 2026
|
Also, as of June 30, 1997, the Authority had revenue notes outstanding of $16,710,000 bearing interest of 9.65%
to 10% which mature on December 15, 2019. The purpose of the notes was to finance the acquisition of property
sites for the construction of the baseball stadium in Baltimore City.
Maryland Food Center Authority (Authority) — Revenue Bonds —
As of June 30, 1997, the Authority had revenue bonds outstanding of $696,000 which bear interest at 7% and
mature June 15, 2003.
Maryland Environmental Service (Service) — Revenue Bonds —
The Service has issued revenue bonds and other debt for the construction of certain projects. The balance as of
June 30, 1997, is $33,462,000. The debt bears interest at rates ranging from 3.3% to 7.15%. The bonds are
collateralized by the revenues of the related projects. All rights, title and interest in the related property, plant and
equipment remains with the Service until expiration or completion of the project and repayment of the revenue
bonds. Thereafter, title to the assets passes to the governmental unit served by the projects.
10. Loans from Primary Government:
Component Units—Maryland Food Center Authority (Authority) —
The State loaned the Authority $4,000,000, which the Authority is obligated to repay after all principal and
interest has been paid on any revenue bonds which may be issued by the Authority. The loan accrued interest until
June 30,1993. The outstanding balance as of June 30,1997, including deferred interest of $1,576,000 was $5,576,900.
The Authority assumed a non-interest bearing obligation in the amount of $795,000, due to the debt service
fund of the primary government pursuant to the transfer of the assets and obligations of the New Marsh Market to
the Authority. The Authority is obligated to repay the debt service fund after all principal and interest has been paid
on any revenue bonds which may be issued by the Authority. The outstanding principal as of June 30, 1997, is
$795,000.
60
|
|