Calculation of the Debt Limit (in Thousands)
|Balance as of June 30||20,875,055||21,433,553||21,513,039||22,419,852||23,826,301||24,402,814|
|Plus/(Less) Amounts Excluded:|
|Net Unamortized (Disc.)/Premium & Issuance Costs||335,078||477,815||NA||NA||NA||NA|
|Total Net Proceeds||21,210,133||21,911,368||21,513,039||22,419,852||23,826,301||24,402,814|
|Less: Net Proceeds of Direct Debt Excluded from the Statutory Debt Limit:|
|Special Obligation Debt1||-1,025,739||-986,050||-935,095||-888,405||-829,340||-808,265|
|Accelerated Bridge Program||-672,587||-1,035,859||-988,605||-1,403,850||-1,495,150||-1,545,150|
|Federal Grant Anticipation Notes1||-691,398||-628,290||-449,100||-530,935||-699,855||-688,465|
|Assumed County Debt||-150||-75.0||NA||NA||NA||NA|
|MBTA Forward Funding||-45,907||-207||-207||-207||-207||-207|
|Transportation Infrastructure Fund||-1,362,894||-1,345,406||-1,303,013||-1,241,263||-1,197,127||-1,150,296|
|School Building Assistance (SBA)||-841,841||-811,088||-764,338||-723,917||-689,446||-652,197|
|Outstanding Direct Debt, Net Proceeds2||16,569,617||17,104,393||17,072,681||17,631,275||18,915,176||19,558,234|
|Statutory Debt Limit||18,042,424||18,944,152||17,932,500||18,819,675||19,760,659||20,748,692|
Source: Office of the Comptroller.
* Table from page A-72 of the MA Information Statement dated May 24, 2016.
1.) Includes federal grant anticipation notes issued as crossover refunding bonds. The refunding escrows funded by these bonds and related premiums are used to pay interest on the refunding bonds until the refunded bonds are callable and then to redeem the refunded bonds. Interest on the refunded bonds prior to redemption continues to be paid from pledged revenues as before.
2.) Includes capital appreciation bonds reported at original net proceeds.
3.) For fiscal 2011 through 2012, debt outstanding was defined in state finance law as net proceeds of debt issued. State finance law was amended, effective January 1, 2013, to change the statutory definition of outstanding debt from net proceeds to principal. Therefore, fiscal years prior to 2013 are calculated using net proceeds; fiscal 2013 and thereafter are calculated using principal.
4.) In accordance with GAAP, Fiscal 2014 includes $200 million in principal related to commercial paper bond anticipation notes (BANs) which were retired subsequent to year-end upon the issuance of long-term general obligation bonds on July 11, 2014.
5.) Amounts are unaudited and are as of April 30, 2016.
|Published by MA - Debt Management.|
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