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Calculation of the Debt Limit (in Thousands)
201120122013201420152016
  Balance as of June 3020,875,05521,433,55321,513,03922,419,85223,826,30124,402,814
  Plus/(Less) Amounts Excluded:
     Net Unamortized (Disc.)/Premium & Issuance Costs335,078477,815NANANANA
  Total Net Proceeds21,210,13321,911,36821,513,03922,419,85223,826,30124,402,814
  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-150-75.0NANANANA
     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 Proceeds216,569,61717,104,39317,072,68117,631,27518,915,17619,558,234
  Statutory Debt Limit18,042,42418,944,15217,932,50018,819,67519,760,65920,748,692
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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