Data Table by dataZoa

Calculation of the Debt Limit (in Thousands)	2011	2012	2013	2014	2015	2016
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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Calculation of the Debt Limit (in Thousands)

2011

2012

2013

2014

2015

2016

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

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

MBTA Forward Funding

-45,907

-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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