Additionally, outstanding limited obligation bonds of the Department of Transportation and the Maryland
Transportation Authority amounted to $754,735,000 and $344,489,000 respectively, at June 30,1999. The State is
also ultimately responsible to pay certain debt of two of its component units via capital leases with these component
units. As of June 30,1999, the outstanding capital lease balance was $310,313,000. Debt service on the Department
of Transportation bonds is provided principally by excise taxes levied by statute. Debt service on the Maryland
Transportation Authority is payable from revenues of Authority projects. Self-supporting revenue bonds outstanding
at June 30,1999, amounted to $3,646,073,000. As of June 30,1999, long-term obligations for accrued annual leave
of $168,406,000 represent the value of accumulated earned but unused annual leave for general government
employees and the accrual for unpaid self-insurance claims was $134,986,000.

The following tabulation shows the general obligation bonds issued during the past three fiscal years:

STATE	OF MARYLAND-	-GENERAL OBLIGATION	BONDS
			Effective	Interest Cost
		Average	Interest	Per Borrowed
Date of Issue	Amount	Life in Years	Rate	Dollar
March 11, 1999	$225,000,000	9.6	4.2	40.10
July 22, 1998	250,000,000	9.7	5.1	49.10
March 5, 1998	250,000,000	9.7	4.9	47.00
August 14, 1997	250,000,000	9.7	5.0	48.10
March 13, 1997	240,000,000	9.7	5tO	48.40
October 24, 1996	170,000,000	9.7	5.0	48.50

Maryland's general obligation bonds have been rated Aaa by Moody's Investors Service and AAA by Standard
and Poor's and Fitch Investors, Inc., for a number of years.

In 1978, the Capital Debt Affordability Committee was created to study the State's debt structure and to
recommend maximum limitations on annual debt authorizations. Although the recommendations of the Committee
are not binding on the State's General Assembly, the amounts of annual general obligation bond authorizations
effective for 1999 were within the limits established by the Committee. Maryland tax supported debt outstanding
as a percent of personal income remains below the Capital Debt Affordability Committee Criteria Standard of 3.2%
of personal income. For the fiscal year 1999, State tax supported debt outstanding amounted to $5,089,056,000
which is 3.1% of total Maryland personal income.

State Tax Supported Debt Outstanding
as a Percentage of Personal Income

Source: Report of the Maryland Capital Debt Affordability Committee, 2000.

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