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Annual Report of the Comptroller, 2000
Volume 363, Page 66   View pdf image (33K)
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Consolidated Transportation Bonds are limited obligations issued by the Maryland Department of Transportation (Department)
for highway, port, airport or mass transit facilities, or any combination of such facilities. The principal must be paid within 15 years
from the date of issue.

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 30,2000, was $965,000,000. The
aggregate principal amount of Consolidated Transportation Bonds outstanding as of June 30,2000, was $724,770,000. 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 15,1999, Consolidated Transportation Bonds in the amount of $75,000,000 were issued by the Department with
a net premium of $494,000. The Bonds are dated December 15, 1999, with maturities ranging from December 15, 2002 to
December 15,2014, at interest rates ranging from 4.1% to 5.8%.

As of June 30,2000, the Department has $74,400,000 of defeased debt outstanding, none of which was defeased during the
fiscal year ended June 30,2000.

As of June 30,2000, Department bond debt service requirements for principal and interest in future years are as follows (amounts
expressed in thousands).

Years Ending June 30
2001.......................................................

Consolidated
Transportation Bonds

$109,674

County
Transportation Bonds

$873

Total Transportation
Bond Debt Service
Requirements

$110,547

2002.......................................................

113,178

878

114,056

2003.......................................................

119,846

886

120,732

2004.......................................................

122,625

885

123,510

2005.......................................................

127,060

891

127,951

2006.......................................................

91,849

888

92,737

2007.......................................................

52,686

892

53,578

2008.......................................................

38,687

 

38,687

2009.......................................................

29,837

 

29,837

2010.......................................................

25,173

 

25,173

2011.......................................................

14,555

 

14,555

2012.......................................................

15,398

 

15,398

2013.......................................................

9,560

 

9,560

2014.......................................................

9,819

 

9,819

2015.......................................................

10,030

 

10,030

On October 18,2000, the Department issued $33,000,000 of the Maryland Department ofTransportation Project Certificates
of Participation (Mass Transit Administration Project), Series 2000, to finance the expansion of the existing Maryland Rail
Commuter ("MARC") BWI Rail Station parking facility. The annual interest rates on the Certificates range from 5.0-5.5% and
the maturity date is October 15,2025.

 

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Annual Report of the Comptroller, 2000
Volume 363, Page 66   View pdf image (33K)
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