FY2011-Debt Service Program

MONTGOMERY COUNTY
MARYLAND
Debt Service Program
Direct Debt (Issues Through June 30, 2011)
Fiscal Year 2011

(With Debt Service Schedules for Fiscal Year 201)
June 30, 2011
Rockville, Maryland
Mission Statement
MONTGOMERY COUNTY GOVERNMENT
WE pursue the common good by working for and
ISIAH LEGGETT
with Montgomery Countys diverse community members to provide:
A Responsive and Accountable County Government
Affordable Housing in an Inclusive Community
An Effective and Efcient Transportation Network
Children Prepared to Live and Learn
Healthy and Sustainable Communities
Safe Streets and Secure Neighborhoods
A Strong and Vibrant Economy
Vital Living for All of Our Residents
AS dedicated public servants, the employees of the Montgomery

County government strive to embody in our work these essential values:
Collaboration
Inclusiveness
Knowledge
Competence
Innovation
Respect for the Individual
Fiscal Prudence
Integrity
Transparency
www.montgomerycountymd.gov
MONTGOMERY COUNTY
MARYLAND
Debt Service Program
Direct Debt (Issues Through June 30, 2011)
Prepared by the
DEPARTMENT OF FINANCE
Division of the Controller
101 Monroe Street
Rockville, Maryland 20850
240-777-8820
Fiscal Year 2011
(With Debt Service Schedules for Fiscal Year 2012)
(This page intentionally left blank)
TABLE OF CONTENTS
INTRODUCTION ..................................................................................................................................................................... 4
SCHEDULES AS OF JUNE 30, 2011
GENERAL OBLIGATION BONDS
General Obligation Bonds Issued Since 1971 ............................................................................................................................. 8
General Obligation Bonds Issued and the Uses of the Proceeds Since 1971............................................................................... 9
General Obligation Bond and State Loan Principal and Interest Paid Since Fiscal Year 1971 ................................................. 10
General Obligation Bonds Outstanding as of June 30, 2011 ..................................................................................................... 12
REVENUE BONDS
Revenue Bonds Issued and the Uses of the Proceeds Since 1987 ............................................................................................. 14
Revenue Bond Principal and Interest Paid Since 1988.............................................................................................................. 15
Revenue Bonds Outstanding as of June 30, 2011...................................................................................................................... 16
DEBT SERVICE REQUIREMENT SCHEDULES
General Obligation Bond Debt Service Requirements for Bond Principal and Interest............................................................ 18
Revenue Bond Debt Service Requirements for Bond Principal and Interest............................................................................. 19
FISCAL YEAR 2011 DEBT SERVICE SCHEDULES BOND ISSUES THROUGH 6/30/2011
Bonded Debt Outstanding, Issued, and Retired by Bond Issue ................................................................................................. 22
Bonded Debt Outstanding, Issued, and Retired by Fund Classification .................................................................................... 25
Bonded Debt Outstanding, Issued, and Retired by Bond Category........................................................................................... 26
FISCAL YEAR 2012 DEBT SERVICE SCHEDULES
BOND ISSUES THROUGH 6/30/2011 - FOR FISCAL YEAR 2012
Debt Service Requirements for Bond Principal and Interest ..................................................................... ............................... 36
Cash Requirements by Actual Transfer Date and Paying Agent............................................................................................... 37
Cash Requirements by Due Date for U.S. Bank Trust National Association ............................................................................ 38
Cash Requirements by Due Date for Depository Trust Company............................................................................................. 39
SUBSEQUENT EVENT
ADDENDUM TO FISCAL YEAR 2011 DEBT SERVICE SCHEDULES (BOND ISSUED THROUGH 8/03/2011)
Debt Service Requirements for Bond Principal and Interest ..................................................................... ............................... 42
Cash Requirements by Actual Transfer Date and Paying Agent............................................................................................... 43
Cash Requirements by Due Date for U.S. Bank Trust National Association ............................................................................ 44
Cash Requirements by Due Date for Depository Trust Company............................................................................................. 45
INTRODUCTION
Montgomery County Government is authorized by State law and/or County Charter to issue debt to
finance capital projects. Consistent with County fiscal policy, the County issues debt to finance a major
portion of the construction of long-term additions or improvements to the Countys publicly-owned
infrastructure. The Countys budget and fiscal plan for these improvements is known as the Capital
Improvements Program (CIP). Bonds are repaid to bondholders with a series of principal and interest
payments over a period of years, known as debt service.
This booklet addresses the Countys direct debt. Direct debt constitutes the direct obligations of the
County that are supported by County taxpayers. Components of Montgomery County direct debt are its
general obligation bonds, variable rate demand obligations, bond anticipation notes/commercial paper,
long-term notes, and certain revenue bonds issued by the County. The components of direct debt to be
included in this booklet are general obligation bonds, variable rate demand obligations notes and revenue
bonds.
General Obligation Bonds
County general obligation bonds are secured by the full faith and credit, and unlimited taxing power of
the County. Bonds are issued in serial maturities, maturing in 1 to 20 years, normally with five percent of
the principal retired each year. This practice produces equal annual payments of principal over the life of
the bond issue and declining annual payments of interest on the outstanding bonds. The Charter limits the
term of any bond to 30 years.
Variable Rate Demand Obligations
Variable rate demand obligations (VRDOs) are debt instruments that represent borrowed funds that are
payable on demand and accrue interest based on prevailing short-term money market rates. VRDOs are
general obligations of the County and are, therefore, secured by an irrevocable pledge of the full faith and
credit and unlimited taxing power of the County. The County issued two series of VRDOs which mature
on June 1, 2026; however, the County is required by the terms of the Note Order to make annual sinking
fund payments to retire one-tenth of the notes each year beginning in 2017. VRDOs are multi-modal
instruments that may bear interest in a Daily Mode, a Weekly Mode, a Commercial Paper Mode, a Term
Rate Mode or a Fixed Rate Mode. The Countys VRDOs were issued in the Daily Mode and currently
bear interest at the Daily Rate, which is established by the remarketing agents and re-sets daily. Interest
on these obligations is payable on the first business day of each month. Subject to certain terms and
conditions describe in the Note Orders for each series, the County may effect a change in mode with
respect to the obligations. VRDOs are subject to optional tender upon notice from the owners of the
obligations. Also, VRDOs are subject to mandatory tender and purchase as provided in the Note
Orders.
In connection with the VRDOs, the County entered into a Standby Note Purchase Agreement on June 7,
2006, with Dexia Credit Local, acting through its New York Branch, which expired on June 7, 2011. On
May 25, 2011, the County replaced the existing Standby Note Purchase Agreement with a Standby
Note Purchase Agreement issued by Wells Fargo Bank, National Association which will expire on
July 15, 2014. The Wells Fargo Note Purchase Agreement requires Wells Fargo to provide funds
for the purchase of VRDOs that have been tendered and not remarketed pursuant to such
agreement.
General obligation bond and VRDO proceeds are used to provide funds to finance and refinance capital
projects of the County described in the Countys Capital Budget. These capital projects are divided into
project categories. All bond proceeds must be used for the purposes of that particular project category.
The project categories are as follows: General County, Roads and Storm Drainage, Parks, Public Schools,
Community College, Mass Transit, Consolidated Fire Tax District, and Public Housing.
Bond Anticipation Notes
The County utilizes Bond Anticipation Notes (BANS)/commercial paper for short-term capital financing
of capital expenditures with the expectation that the principal amount will be refunded with the proceeds
of long-term general obligation bonds. BANS/commercial paper is issued at varying maturities to a
maximum of 270 days. The County reissues the notes upon maturity until they are refinanced with longterm general obligation bonds. Because the purpose of the program is to pay BANS with general
obligation bonds, only the general obligation bond information is presented in this booklet.
Revenue Bonds
Revenue bonds are authorized by the County to finance specific revenue producing projects such as
parking garages, solid waste facilities and liquor control. Debt service is to be paid from pledged
revenues received in connection with the projects. Proceeds from revenue bonds may be applied only to
the cost of projects for which they are authorized. Revenue bonds are considered separate from general
obligation debt, and do not constitute a pledge of the full faith and credit or unlimited taxing power of the
County.
County revenue bonds were issued by the Parking Districts and are supported by parking fees and fines,
together with parking district property taxes; revenue bonds were issued for the Countys Solid Waste
Management Division and the Department of Liquor Control, and its debt service is paid for from the
revenues of the Solid Waste Disposal System and liquor sales.
Detailed information on Montgomery Countys direct debt may be found in the Countys current Annual
Information Statement, dated January 18, 2011, on the Montgomery County, Department of Finance Debt
Management Program website (http://bonds.montgomerycountymd.gov).
schedules as of
june 30, 2011
MONTGOMERY COUNTY, MARYLAND

GENERAL OBLIGATION BONDS ISSUED SINCE 1971
Montgomery County, Maryland has issued a net amount of $4,418,103,054 in general obligation (G.O.) bonds since 1971 as detailed below.
Bond Description
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Minibonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Refunding Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
V.R.D.O, Series A
V.R.D.O, Series B
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds
G.O. Bonds Refunded
G.O. Bonds, BAB's
G.O. Bonds
G.O. Bonds
G.O.Bonds, BAB's
G.O. RZED Bonds
Dated Date
February 1, 1971
November 1, 1971
June 15, 1972
April 1, 1973
January 1, 1975
July 15, 1976
April 15, 1977
June 1, 1978
May 1, 1979
June 15, 1980
March 15, 1981
April 1, 1982
May 1, 1983
June 1, 1984
May 1, 1985
April 1, 1986
July 1, 1987
April 1, 1988
October 1, 1988
April 1, 1989
April 1, 1989
November 1, 1989
April 1, 1990
October 1, 1990
April 1, 1991
October 1, 1991
July 1, 1992
July 1, 1992
October 1, 1992
August 15, 1993
August 15, 1993
October 1, 1993
October 1, 1994
March 15, 1996
April 15, 1997
January 1, 1998
January 1, 1998
April 1, 1998
April 1, 1999
January 1, 2000
February 1, 2001
November 15, 2001
November 15, 2001
February 1, 2002
November 15, 2002
November 15, 2002
May 1, 2003
May 1, 2003
May 1, 2003
March 15, 2004
August 15, 2004
August 15, 2004
May 15, 2005
June 1, 2005
June 1, 2005
May 1, 2006
June 7, 2006
June 7, 2006
May 1, 2007
March 12, 2008
March 12, 2008
July 15, 2008
November 3, 2009
November 3, 2009
November 3, 2009
November 17, 2009
July 8, 2010
July 8, 2010
July 8, 2010
Total
Years
30
30
20
20
15
20
20
20
20
20
15
10
20
20
20
20
20
20
20
20
5
20
20
20
20
20
18
20
18
20
20
20
20
17
20
20
20
20
17
20
9
20
8
20
10
20
10
10
20
20
20
15
20
10
20
5
12
8
8
Amount
Issued
True
Interest
Cost
$30,000,000
4.8651
30,000,000
4.3163
21,000,000
4.6898
25,000,000
4.8215
35,000,000
5.8886
40,000,000
5.1656
35,000,000
4.7708
40,000,000
5.2873
45,000,000
5.5562
50,000,000
6.7347
70,000,000
8.9145
65,000,000 10.5236
50,000,000
7.8999
55,000,000
9.3989
65,000,000
8.2205
50,000,000
6.0956
60,000,000
6.8184
75,000,000
6.8373
50,000,000
6.9527
75,000,000
7.4069
1,000,000
6.9578
75,000,000
6.7935
75,000,000
6.9314
75,000,000
6.9842
60,000,000
6.5230
70,000,000
5.9747
273,038,054
5.7431
(242,500,000)
115,000,000
5.4740
60,005,000
4.9908
(52,000,000)
100,000,000
4.6899
100,000,000
5.7958
120,000,000
5.2946
115,000,000
5.3226
69,510,000
4.64
(64,500,000)
115,000,000
4.7607
120,000,000
4.4760
130,000,000
5.4850
140,000,000
4.5447
146,375,000
4.5107
(143,000,000)
160,000,000
4.4619
93,595,000
3.2628
(95,750,000)
155,000,000
3.6304
49,505,000
2.2900
(51,905,000)
3.8290
154,600,000
97,690,000
3.7208
(95,750,000)
200,000,000
3.8806
120,355,000
3.7817
(122,250,000)
100,000,000
3.8711
50,000,000 Variable*
50,000,000 Variable*
250,000,000
4.0821
70,295,000
2.8772
(72,775,000)
250,000,000
4.1809
(165,190,000)
161,755,000
2.6487
232,000,000
3.1774
78,000,000
1.1823
195,000,000
2.2595
106,320,000
3.2973
23,680,000
2.7889
Moody's
A
A-1
Aa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa/VMIGI
Aaa/VMIGI
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
Aaa
$4,418,103,054
*Variable Rate Demand Obligations

Note: As of June 2011, all outstanding G.O. bond issuances are rated as follows:
Moody's Investors Service - Aaa
Standard and Poor's, A Division of the McGraw-Hill Companies - AAA
Fitch, Inc - AAA
Original Ratings
Standard
& Poor's
Fitch, Inc.
AA
AA
AA
AA
AA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA/A-1+
AAA/A-1+
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA/F1+
AAA/F1+
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
AAA
Successful Bidder
First National Bank, et al
Salomon Bros. & Assoc.
Halsey, Stuart & Co., Inc.
E. F. Hutton & Company, et al.
Chase Manhattan Bank & Assoc.
Citibank & Assoc.
Citibank, N.A. & Assoc.
Chase Manhattan Capital Markets Corp.
Morgan Guaranty Trust Co. of New York & Assoc.
Citicorp Investment Bank & Associates
Shearson Lehman, Hutton, Inc.
Marine Midland Capital Markets Corp.
(Local County Residents)
Manufacturers Hanover Securities Corp
The First Boston Corporation
Lehman Bros.
Chase Securities, Inc.
BT Securities Corporation & Associates
(Negotiated sale)
Merrill Lynch & Co.
(Negotiated sale)
Lehman Bros.
Merrill Lynch & Co. and Associates
Prudential Securities, Inc. and Associates
Salomon Smith Barney
First Union
Morgan Stanley and Co.
UBS PaineWebber Inc.
Lehman Bros.
Goldman Sachs & Co.
Goldman Sachs & Co.
Lehman Bros.
Citigroup Global Markets, Inc.
Merrill Lynch & Co.
Merrill Lynch & Co.
Lehman Brothers
JP Morgan
JP Morgan
Wachovia Bank
Morgan Stanley and Co.
JP Morgan
Merrill Lynch & Co.
Bank of America Merrill Lynch, Inc.

GENERAL OBLIGATION BONDS ISSUED AND THE USES OF THE PROCEEDS SINCE 1971
FY71-80
Issued
Percent
Bond Category
General County
$
Roads and Storm Drainage
Parks
Public Schools
Community College
Consolidated Fire Tax District
Mass Transit
Water and Sewer
Public Housing
Urban Renewal
Parking Districts
Total
FY81-90
Issued
Percent
121,925,000
50,000,000
36,785,000
43,500,000
30,190,000
7,115,000
45,200,000
380,000
4,200,000
2,600,000
9,105,000
34.73
14.25
10.48
12.39
8.60
2.03
12.88
0.11
1.20
0.74
2.59
351,000,000
100.00
$ 143,150,000
251,660,000
42,235,000
256,100,000
8,905,000
8,370,000
38,110,000
75,000
10,395,000
7,000,000
$
FY01-10
Issued
Percent
Bond Category
General County
$
Parks
Public Schools
Community College
Mass Transit
Water and Sewer
Public Housing
Urban Renewal
Parking Districts
766,000,000
18.69
32.86
5.51
33.43
1.16
1.09
4.98
0.01
1.36
0.91
100.00
FY11-11
Issued
Percent
270,864,890
392,892,645
62,373,619
912,392,640
93,758,913
41,517,497
38,749,796
-
14.94 $
21.68
3.44
50.34
5.17
2.29
2.14
-
86,780,000
66,600,000
9,500,000
99,100,000
42,020,000
19,000,000
2,000,000
-
$ 1,812,550,000
100.00 $
325,000,000
FY91-00
Issued
Percent
$
150,842,818
302,732,854
33,616,762
604,593,229
36,721,649
12,954,012
21,816,888
274,842
-
12.96
26.02
2.89
51.96
3.16
1.11
1.88
0.02
-
$ 1,163,553,054
100.00
40 Year Total
Issued
Percent
26.70 $ 773,562,708
20.49
1,063,885,499
2.92
184,510,381
30.49
1,915,685,869
12.93
211,595,562
5.85
88,956,509
0.62
145,876,684
455,000
14,869,842
2,600,000
16,105,000
100.00
$ 4,418,103,054
17.51
24.07
4.18
43.36
4.79
2.01
3.30
0.01
0.34
0.06
0.36
100.00

GENERAL OBLIGATION BOND AND STATE LOAN PRINCIPAL AND INTEREST PAID SINCE FISCAL YEAR 1971
Fiscal
Year
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Principal
$

Interest
11,346,000 $
12,701,000
14,821,000
15,931,000
15,956,000
17,386,000
17,351,000
22,076,000
24,040,000
26,215,000
28,216,000
31,471,000
36,166,000
38,942,000
41,655,000
45,300,000
49,085,000
47,680,000
52,960,000
58,345,000
60,660,000
66,215,000
61,055,000
67,165,000
73,360,000
78,745,000
79,660,000
81,835,000
85,850,000
89,780,000
93,125,000
99,530,000
107,105,000
110,715,000
114,615,000
121,320,000
131,210,000
143,440,000
120,196,683
133,287,086
139,239,285
$ 2,665,751,054
9,562,938 $
10,700,049
12,757,520
13,320,995
12,465,133
13,860,153
12,918,524
15,790,127
16,753,581
17,993,894
19,970,148
24,670,633
29,761,862
31,393,962
33,786,582
36,023,750
35,770,665
34,327,621
39,624,580
45,606,772
51,768,446
55,916,885
47,356,403
53,025,829
54,637,075
52,665,230
54,329,710
53,742,049
56,066,498
56,414,089
57,899,294
58,371,976
60,688,360
58,856,192
59,556,742
62,996,099
67,986,135
73,085,971
82,817,456
82,779,202
88,226,065
$ 1,746,682,257
Total
20,908,938 $
23,401,049
27,578,520
29,251,995
28,421,133
31,246,153
30,269,524
37,866,127
40,793,581
44,208,894
48,186,148
56,141,633
65,927,862
70,335,962
75,441,582
81,323,750
84,855,665
82,007,621
92,584,580
103,951,772
112,428,446
122,131,885
108,411,403
120,190,829
127,997,075
131,410,230
133,989,710
135,577,049
141,916,498
146,194,089
151,024,294
157,901,976
167,793,360
169,571,192
174,171,742
184,316,099
199,196,135
216,525,971
203,014,139
216,066,288
227,465,350
Principal
State School Loans*

Interest
3,400,758 $
3,156,048
503,136
525,011
549,317
573,623
599,144
625,881
655,048
684,215
714,598
747,411
780,224
815,468
872,528
7,646
1,006,913
366,375
376,902
122,757
177,749
2,737
-
519,492 $
778,753
352,901
334,285
314,860
294,535
273,311
251,142
227,985
201,128
173,075
143,776
110,143
75,033
47,865
2,470
229,102
40,235
21,449
5,592
514
111
-
Total
Principal
State Road Loans

Interest
Total
3,920,250 $ 206,159 $ 25,960 $

3,934,801
186,048
19,951
856,037
164,083
14,553
859,296
141,373
9,805
864,177
116,370
5,840
868,158
88,607
2,704
872,455
45,087
677
877,023
883,033
885,343
887,673
891,187
890,367
890,501
920,393
10,116
1,236,015
406,610
398,351
128,349
178,263
2,848
-
$ 4,421,996,249 $ 17,263,489 $ 4,397,757 $ 21,661,246 $ 947,727
* Included in the FY85 amounts are $20,601 in principal and $9,528 in interest that is a debt service
reimbursement to the State of Maryland for closed public schools. For all fiscal years after 1985, the
entire principal and interest amounts are for debt service reimbursements to the State of Maryland
for closed public schools.
10
232,119
205,999
178,636
151,178
122,210
91,311
45,764
-
$ 79,490 $ 1,027,217
Total General Obligation Bond and

State Loan Principal and Interest Paid
Principal
Interest
Total
$
14,952,917
16,043,096
15,488,219
16,597,384
16,621,687
18,048,230
17,995,231
22,701,881
24,695,048
26,899,215
28,930,598
32,218,411
36,946,224
39,757,468
42,527,528
45,307,646
50,091,913
48,046,375
53,336,902
58,467,757
60,837,749
66,217,737
61,055,000
67,165,000
73,360,000
78,745,000
79,660,000
81,835,000
85,850,000
89,780,000
93,125,000
99,530,000
107,105,000
110,715,000
114,615,000
121,320,000
131,210,000
143,440,000
120,196,683
133,287,086
139,239,285
$ 2,683,962,270
10,108,390
11,498,753
13,124,974
13,665,085
12,785,833
14,157,392
13,192,512
16,041,269
16,981,566
18,195,022
20,143,223
24,814,409
29,872,005
31,468,995
33,834,447
36,026,220
35,999,767
34,367,856
39,646,029
45,612,364
51,768,960
55,916,996
47,356,403
53,025,829
54,637,075
52,665,230
54,329,710
53,742,049
56,066,498
56,414,089
57,899,294
58,371,976
60,688,360
58,856,192
59,556,742
62,996,099
67,986,135
73,085,971
82,817,456
82,779,202
88,226,065
$ 1,760,722,442
25,061,307
27,541,849
28,613,193
30,262,469
29,407,520
32,205,622
31,187,743
38,743,150
41,676,614
45,094,237
49,073,821
57,032,820
66,818,229
71,226,463
76,361,975
81,333,866
86,091,680
82,414,231
92,982,931
104,080,121
112,606,709
122,134,733
108,411,403
120,190,829
127,997,075
131,410,230
133,989,710
135,577,049
141,916,498
146,194,089
151,024,294
157,901,976
167,793,360
169,571,192
174,171,742
184,316,099
199,196,135
216,525,971
203,014,139
216,066,288
227,465,350
$ 4,444,684,712
11

GENERAL OBLIGATION BONDS OUTSTANDING
AS OF JUNE 30, 2011
(BY CATEGORY)
June 30, 2011

Outstanding
Percent
Bond Category
General County
Parks 61,985,854
Public Schools
Community College
Mass Transit
932,881,793
124,986,371
53,100,448
42,927,040
15.98
21.84
3.17
47.70
6.39
2.72
2.20
Total
$ 1,955,600,000
100.00
12
312,480,401
427,238,093
REVENUE BONDS
13

REVENUE BONDS ISSUED SINCE 1987
Bond Description
Parking Revenue Bonds
Parking Revenue Refunding Bonds
Parking Revenue Bonds Refunded
Solid Waste System Revenue Bonds
(Bethesda Parking Lot District)
(Silver Spring Parking Lot District)
Parking Revenue Bonds Refunded
(Bethesda Parking Lot District)
Solid Waste Revenue Refunding Bonds ***
Solid Waste Revenue Bonds Refunded
Liquor Control Revenue Bonds
Dated Date
Years
June 1, 1987
June 1, 1989
April 15, 1992
"
March 15, 1993
May 1, 2002
"
May 1, 2002
"
"
June 1, 2002
"
April 3, 2003
"
August 31, 2005
May 12, 2009
April 15, 2011
20
20
17
20
7
7
19
10
20
20
20
Total
Bond Category
Issued
Original
Ratings
True Interest
Standard &
Cost*
Moody's
Poor's
Fitch, Inc.
Amount
Issued
$
27,000,000
28,075,000
52,730,000
(49,308,333)
50,680,000
14,560,000
12,130,000
(25,720,000)
26,000,000
31,075,000
(31,825,000)
16,495,000
46,765,000
34,360,000
233,016,667
7.5782
7.1400
6.0966
5.7836
3.1941
3.1398
4.4231
3.5982
4.0471
4.1195
4.2826
A
A
Aaa
A **
Aaa
Aaa
Aaa
Aaa
Aa3
-
A+
A+
AAA
- **
AAA
AAA
AAA
AAAA-
AAA
A
AAA
AAA
AAA
AAA
AA-
Successful Bidder
Merrill Lynch, Pierce, Fenner & Smith Inc.
Merrill Lynch Capital Market, et al.
(Negotiated sale)
(Negotiated sale)
(Negotiated sale)
(Negotiated sale)
Merrill Lynch & Co.
(Negotiated sale)
Citigroup Global Markets
Bank of America
Bank of America
Percent
Bethesda Parking District

Silver Spring Parking District
Solid Waste System
Liquor Control
Liquor Control
73,826,250
28,135,417
49,930,000
46,765,000
34,360,000
31.68
12.07
21.44
20.07
14.74
Total
$ 233,016,667
100.00
Notes
* For bonds issued from 1987-1993 the rate shown is the Effective Interest Rate.
** According to the Official Statement dated March 31, 1993, Fitch Investors Service Inc. and Moody's Investors Service assigned the 1993 Series A Bonds ratings of A and A,
respectively, and Standard & Poor's Corporation and Moody's assigned their municipal bond ratings of "AAA" and "Aaa", respectively to the 1993 Series A Bonds
maturing in the years 2000 through 2006, inclusive, and 2013 (the "Insured 1993 Series A Bonds"), based upon an insurance policy provided by AMBAC Indemnity Corp.
These bonds were refunded by the Solid Waste System Revenue Refunding Bonds dated April 3, 2003.
*** The Solid Waste Disposal System Refunding Revenue Bonds (2003 Series A) were not rated by Standard & Poor's Corporation.
Moody's Investors Service and Fitch assigned their municipal bond ratings of "Aaa" (Aa3 Underlying) and "AAA" (AA Underlying),
respectively, based upon an insurance policy provided by AMBAC Assurance Corporation.
14

REVENUE BOND PRINCIPAL AND INTEREST PAID SINCE 1988
Fiscal
Year

Principal
Interest
Total
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Total
$ 43,661,250
Fiscal
Year
275,000 $
275,000
725,000
775,000
796,250
1,090,000
1,145,000
1,185,000
1,250,000
1,315,000
1,405,000
1,495,000
1,585,000
1,670,000
1,785,000
3,135,000
3,190,000
3,315,000
3,430,000
3,550,000
3,175,000
3,340,000
1,840,000
1,915,000
780,000 $
766,938
1,996,075
1,951,638
1,948,086
1,590,050
1,551,900
1,500,375
1,444,088
1,381,588
1,313,208
1,237,337
1,155,112
1,064,767
967,908
1,646,882
1,509,277
1,386,602
1,567,391
1,848,185
1,709,435
1,566,585
1,429,335
1,355,235
$ 34,667,997
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
1,540,000
1,595,000
1,660,000
1,735,000
1,810,000
1,900,000
1,995,000
2,095,000
2,205,000
2,320,000
2,555,000
2,835,000
2,920,000
3,005,000
3,160,000
3,255,000
3,420,000
3,550,000
Total
$ 43,555,000
3,334,760
2,699,571
2,634,176
2,559,476
2,481,401
2,394,521
2,299,521
2,199,771
2,090,831
1,049,623
1,456,033
1,177,350
1,092,300
1,004,700
854,450
751,750
589,000
460,750
$ 31,129,984
1,055,000 $
1,041,938
2,721,075
2,726,638
2,744,336
2,680,050
2,696,900
2,685,375
2,694,088
2,696,588
2,718,208
2,732,337
2,740,112
2,734,767
2,752,908
4,781,882
4,699,277
4,701,602
4,997,391
5,398,185
4,884,435
4,906,585
3,269,335
3,270,235
$ 78,329,247
Solid Waste System

Principal
Interest
Silver Spring Parking District

Principal
Interest
Total
28,135,417
1,133,650 $
1,114,650
1,788,938
1,748,437
1,742,256
1,399,697
1,363,823
1,315,898
1,262,222
1,203,722
1,139,502
1,069,303
992,578
908,218
817,157
484,128
388,388
307,588
244,288
173,438
60,188
30,938
-
$ 20,689,007
Liquor Control System

Principal
Interest
Total
$
400,000 $
425,000
700,000
725,000
735,417
1,025,000
1,065,000
1,130,000
1,170,000
1,235,000
1,300,000
1,395,000
1,480,000
1,570,000
1,650,000
1,950,000
2,020,000
2,110,000
2,180,000
2,265,000
780,000
825,000
-
1,533,650
1,539,650
2,488,938
2,473,437
2,477,673
2,424,697
2,428,823
2,445,898
2,432,222
2,438,722
2,439,502
2,464,303
2,472,578
2,478,218
2,467,157
2,434,128
2,408,388
2,417,588
2,424,288
2,438,438
840,188
855,938
48,824,424
Total
Principal
Total Revenue Bonds

Interest
4,874,760
4,294,571
4,294,176
4,294,476
4,291,401
4,294,521
4,294,521
4,294,771
4,295,831
3,369,623
4,011,033
4,012,350
4,012,300
4,009,700
4,014,450
4,006,750
4,009,000
4,010,750
1,745,000
1,550,000
2,024,478
2,108,248
3,769,478
3,658,248
$ 74,684,984
3,295,000
4,132,726
7,427,726
$ 118,646,667
15
675,000
700,000
1,425,000
1,500,000
1,531,667
2,115,000
3,750,000
3,910,000
4,080,000
4,285,000
4,515,000
4,790,000
5,060,000
5,335,000
5,640,000
7,405,000
7,765,000
8,260,000
8,530,000
8,820,000
7,115,000
7,420,000
7,005,000
7,015,000
1,913,650
1,881,588
3,785,013
3,700,075
3,690,342
2,989,747
6,250,483
5,515,844
5,340,486
5,144,786
4,934,111
4,701,161
4,447,211
4,172,756
3,875,896
3,180,633
3,353,698
2,871,540
2,903,979
3,026,323
2,624,073
2,349,273
4,042,813
3,924,233
$ 90,619,714
Total
2,588,650
2,581,588
5,210,013
5,200,075
5,222,009
5,104,747
10,000,483
9,425,844
9,420,486
9,429,786
9,449,111
9,491,161
9,507,211
9,507,756
9,515,896
10,585,633
11,118,698
11,131,540
11,433,979
11,846,323
9,739,073
9,769,273
11,047,813
10,939,233
$ 209,266,381

REVENUE BONDS OUTSTANDING AS OF JUNE 30, 2011
June 30, 2011

Outstanding
Percent
Bond Category
Liquor Control
Solid Waste System
30,165,000
77,830,000
6,375,000
26.37
68.06
5.57
Total
$ 114,370,000
100.00
16
DEBT SERVICE REQUIREMENT

SCHEDULES
17

GENERAL OBLIGATION BOND DEBT SERVICE REQUIREMENTS
FOR BOND PRINCIPAL AND INTEREST
AS OF JUNE 30, 2011

Principal
Interest*
Fiscal
Year
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
Total
157,265,000 $
154,035,000
148,080,000
143,415,000
138,220,000
132,275,000
126,505,000
120,430,000
114,535,000
107,740,000
99,895,000
92,195,000
84,445,000
76,715,000
66,720,000
56,720,000
44,220,000
44,220,000
31,720,000
16,250,000
1,955,600,000
Total
86,255,698 $
79,312,291
71,442,173
63,897,929
56,966,241
50,356,274
44,612,306
39,487,172
34,250,538
29,609,884
25,977,703
22,189,356
18,526,600
14,961,100
11,683,681
8,864,300
6,006,206
3,734,400
1,733,550
438,750
243,520,698
233,347,291
219,522,173
207,312,929
195,186,241
182,631,274
171,117,306
159,917,172
148,785,538
137,349,884
125,872,703
114,384,356
102,971,600
91,676,100
78,403,681
65,584,300
50,226,206
47,954,400
33,453,550
16,688,750
670,306,152 $
2,625,906,152
*For budget and bond authority purposes, variable rate demand obligations are reported with
general obligation bonds. Future interest payments for the variable rate demand obligations
are not included on this schedule. The interest rate is re-set daily and the rate is established
by the marketing agents.
18

REVENUE BOND DEBT SERVICE REQUIREMENTS FOR BOND PRINCIPAL AND INTEREST
AS OF JUNE 30, 2011
Fiscal
Year
Principal

Interest
Total
Liquor Control
Interest
Principal
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
1,995,000
2,085,000
2,180,000
2,275,000
2,375,000
2,485,000
2,595,000
2,720,000
2,845,000
2,980,000
1,035,000
1,080,000
1,125,000
1,170,000
1,220,000
-
1,278,135
1,194,010
1,105,025
1,013,663
918,003
818,654
711,541
596,651
474,551
345,776
210,889
168,049
122,706
75,371
25,620
-
3,273,135
3,279,010
3,285,025
3,288,663
3,293,003
3,303,654
3,306,541
3,316,651
3,319,551
3,325,776
1,245,889
1,248,049
1,247,706
1,245,371
1,245,620
-
2,825,000
2,790,000
2,915,000
3,055,000
3,215,000
3,345,000
3,510,000
3,665,000
3,820,000
3,990,000
4,185,000
4,395,000
4,605,000
4,805,000
5,040,000
5,285,000
5,545,000
5,825,000
2,445,000
2,570,000
3,530,455
3,561,750
3,438,950
3,295,200
3,142,450
3,010,950
2,844,300
2,693,900
2,532,700
2,364,600
2,165,100
1,955,850
1,753,800
1,551,150
1,310,900
1,069,050
807,550
530,300
250,750
125,500
6,355,455
6,351,750
6,353,950
6,350,200
6,357,450
6,355,950
6,354,300
6,358,900
6,352,700
6,354,600
6,350,100
6,350,850
6,358,800
6,356,150
6,350,900
6,354,050
6,352,550
6,355,300
2,695,750
2,695,500
Total
30,165,000
9,058,644
39,223,644
77,830,000
41,935,205
119,765,205
Fiscal
Year
Solid Waste System

Principal
Interest
Total
Principal
Total Revenue Bonds

Interest
Total
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
3,690,000
2,685,000
-
318,750
134,250
-
4,008,750
2,819,250
-
8,510,000
7,560,000
5,095,000
5,330,000
5,590,000
5,830,000
6,105,000
6,385,000
6,665,000
6,970,000
5,220,000
5,475,000
5,730,000
5,975,000
6,260,000
5,285,000
5,545,000
5,825,000
2,445,000
2,570,000
5,127,340
4,890,010
4,543,975
4,308,863
4,060,453
3,829,604
3,555,841
3,290,551
3,007,251
2,710,376
2,375,989
2,123,899
1,876,506
1,626,521
1,336,520
1,069,050
807,550
530,300
250,750
125,500
13,637,340
12,450,010
9,638,975
9,638,863
9,650,453
9,659,604
9,660,841
9,675,551
9,672,251
9,680,376
7,595,989
7,598,899
7,606,506
7,601,521
7,596,520
6,354,050
6,352,550
6,355,300
2,695,750
2,695,500
Total
6,375,000
453,000
6,828,000
114,370,000
51,446,849
165,816,849
19
20
FISCAL YEAR 2011

DEBT SERVICE SCHEDULES BOND ISSUES THROUGH 6/30/2011
21

BONDED DEBT OUTSTANDING, ISSUED, AND RETIRED BY BOND ISSUE
FOR THE FISCAL YEAR ENDED JUNE 30, 2011
Dated
Date
Maturity
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/20/08
07/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07/26/10
07/26/10
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
2023-30
Bond Description
General Obligation Refunding Bonds
Variable Rate Demand Obligations
General Obligation Bonds BAB's
General Obligation Bonds, RZED
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.25-5.0
Variable*
5.0
2.750-5.0
3.00-5.0
2.00-5.0
3.75-5.5
2.00-5.0
2.00-5.0
4.75-5.4
4.75-5.4
Total General Obligation Bonds/V.R.D.O

Revenue Bonds
Solid Waste System Revenue Refunding Bonds
Issued
before
6/30/10
Rate of
Interest
$
273,038,054
140,000,000
146,375,000
160,000,000
93,595,000
155,000,000
49,505,000
154,600,000
97,690,000
200,000,000
120,355,000
100,000,000
100,000,000
250,000,000
70,295,000
250,000,000
161,755,000
232,000,000
78,000,000
2,832,208,054
06/01/02
04/03/03
08/31/05
05/12/09
Total Revenue Bonds
2003-21
2004-13
2008-25
2010-29
3.0-4.75
3.0-5.0
3.6-5.0
3.0-5.0
26,000,000
31,075,000
16,495,000
46,765,000
120,335,000
Total Bonded Debt
$ 2,952,543,054
* Variable Rate Demand Obligations; on June 7, 2006, the County entered into a debt issue agreement of
$100 million with variable interest due monthly.
22
Outstanding
6/30/10
$
1,289,285
7,000,000
114,200,000
24,000,000
44,355,000
85,250,000
10,195,000
85,030,000
87,210,000
110,000,000
120,355,000
60,000,000
100,000,000
162,500,000
49,200,000
237,500,000
161,755,000
232,000,000
78,000,000
-
FY11
Retired
Issued
$
195,000,000
106,320,000
23,680,000
1,289,285
7,000,000
12,190,000
8,000,000
10,775,000
7,750,000
6,680,000
7,730,000
140,000
10,000,000
10,000,000
12,500,000
17,085,000
12,500,000
15,600,000
-
Refunded
$
FY11
Interest
Paid
Outstanding
6/30/11
102,010,000
16,000,000
33,580,000
77,500,000
3,515,000
77,300,000
87,070,000
100,000,000
120,355,000
50,000,000
100,000,000
150,000,000
32,115,000
225,000,000
161,755,000
232,000,000
62,400,000
195,000,000
106,320,000
23,680,000
2,590,715
332,500
5,675,513
1,070,000
2,019,837
3,177,500
342,750
3,913,313
4,017,725
5,300,000
6,017,750
3,000,000
236,466
8,125,000
2,460,000
10,406,250
7,509,500
11,024,016
3,120,000
4,509,375
2,762,566
615,289
1,769,839,285
325,000,000
139,239,285
1,955,600,000
88,226,065
17,415,000
9,925,000
14,665,000
45,020,000
34,360,000
1,250,000
3,550,000
665,000
1,550,000
16,165,000
6,375,000
14,000,000
77,830,000
773,477
460,750
581,758
2,108,248
87,025,000
34,360,000
7,015,000
114,370,000
3,924,233
$ 2,069,970,000
$ 1,856,864,285
359,360,000
146,254,285
23
92,150,298
24

BONDED DEBT OUTSTANDING, ISSUED, AND RETIRED BY FUND CLASSIFICATION
Issued
before
6/30/10
Fund Classification
Governmental Funds:
General County
Parks
Public Schools
Community College
Mass Transit
Public Housing
Total Governmental Funds
413,529,200 $
668,216,803
94,419,140
1,420,398,624
122,575,875
55,879,362
54,731,708
2,457,342
Outstanding
6/30/10
246,707,654 $
394,244,452
57,791,205
902,635,316
88,867,155
37,467,670
42,114,229
11,604
21,007,253 $
33,606,359
5,305,351
68,853,524
5,900,783
3,367,222
1,187,189
11,604
Refunded
312,480,401 $
427,238,093
61,985,854
932,881,792
124,986,372
53,100,448
42,927,040
-
FY11
Interest
Paid
13,877,197
19,514,454
2,949,396
42,649,291
5,011,975
2,121,762
2,078,674
23,316
1,769,839,285
325,000,000
139,239,285
1,955,600,000
88,226,065
34,360,000
-
1,550,000
3,550,000
77,830,000
6,375,000
2,108,248
460,750
1,915,000
30,165,000
1,355,235
7,015,000
114,370,000
3,924,233
46,765,000
31,075,000
45,020,000
9,925,000
42,495,000
32,080,000
Total Proprietary Funds
120,335,000
87,025,000
86,780,000 $
66,600,000
9,500,000
99,100,000
42,020,000
19,000,000
2,000,000
-
Outstanding
6/30/11
2,832,208,054
Proprietary Funds:
Liquor Control
Solid Waste System
Parking Districts:
Total Bonded Debt
Issued
FY11
Retired
2,952,543,054 $ 1,856,864,285 $
34,360,000
359,360,000 $ 146,254,285 $
Note: The Governmental Funds expenditures for bond principal and interest are recorded in the Debt Service Fund.
25
2,069,970,000 $
92,150,298

BONDED DEBT OUTSTANDING, ISSUED, AND RETIRED BY BOND CATEGORY
Dated
Date
Maturity
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
07/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07/26/10
07/26/10
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
2023-30
Bond Category
Issued
before
6/30/10
Rate of
Interest

General County
Consolidated Public Improvement Refunding
Consolidated Public Improvement
Consolidated Public Improvement BAB's
Consolidated Public Improvement RZED
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
2.00 - 5.0
4.75 - 5.4
4.75 - 5.4
Total General County

32,708,270
23,223,313
23,756,660
36,000,000
8,601,384
13,825,750
5,138,619
47,300,000
14,321,352
41,000,000
22,265,675
16,500,000
2,500,000
32,500,000
4,948,767
16,500,000
29,439,410
24,000,000
19,000,000
413,529,200
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
07/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07/26/10
Total Roads and Storm Drainage
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
2.00 - 5.0
4.75 - 5.4
92,264,344
31,905,000
45,098,135
33,600,000
21,489,412
40,000,000
13,326,745
28,100,000
24,442,037
57,100,000
26,297,570
20,000,000
26,000,000
47,000,000
14,698,685
73,000,000
36,394,875
17,500,000
20,000,000
668,216,803
(continued)
26
Outstanding
6/30/10
154,448
1,161,166
18,534,658
5,400,000
4,076,226
7,604,163
1,058,241
26,015,000
12,784,988
22,550,000
22,265,675
9,900,000
2,500,000
21,125,000
3,463,679
15,675,000
29,439,410
24,000,000
19,000,000
-
FY11
Retired
Issued
28,000,000
35,100,000
23,680,000
154,448
1,161,166
1,978,436
1,800,000
990,223
691,289
693,384
2,365,000
20,524
2,050,000
1,650,000
1,625,000
1,202,783
825,000
-
Refunded
3,800,000
-
FY11
Interest
Paid
Outstanding
6/30/11
16,556,222
3,600,000
3,086,003
6,912,874
364,857
23,650,000
12,764,464
20,500,000
22,265,675
8,250,000
2,500,000
19,500,000
2,260,896
14,850,000
29,439,410
24,000,000
15,200,000
28,000,000
35,100,000
23,680,000
310,352
55,155
921,136
240,750
185,623
283,428
35,577
1,197,282
588,998
1,086,500
1,113,283
495,000
5,912
1,056,250
173,184
686,813
1,366,729
1,140,415
760,000
647,500
912,021
615,289
246,707,654
86,780,000
21,007,253
312,480,401
13,877,197
435,672
1,595,250
35,185,021
5,040,000
10,183,908
22,000,000
2,744,494
15,455,000
21,819,941
31,405,000
26,297,570
12,000,000
26,000,000
30,550,000
10,287,721
69,350,000
36,394,875
17,500,000
20,000,000
-
43,500,000
23,100,000
435,672
1,595,250
3,755,739
1,680,000
2,473,940
2,000,000
1,798,256
1,405,000
35,028
2,855,000
2,000,000
2,350,000
3,572,474
3,650,000
4,000,000
-
31,429,282
3,360,000
7,709,968
20,000,000
946,238
14,050,000
21,784,913
28,550,000
26,297,570
10,000,000
26,000,000
28,200,000
6,715,247
65,700,000
36,394,875
17,500,000
16,000,000
43,500,000
23,100,000
875,448
75,774
1,748,626
224,700
463,755
820,000
92,268
711,281
1,005,234
1,513,150
1,314,878
600,000
61,481
1,527,500
514,386
3,038,625
1,689,638
831,553
800,000
1,005,938
600,219
394,244,452
66,600,000
33,606,359
427,238,093
19,514,454
27

Bond Category
Dated
Date
Maturity
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
03/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07-26/10
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
Issued
before
6/30/10
Rate of
Interest
GENERAL OBLIGATION BONDS (continued)

Parks
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
2.00 - 5.0
4.75 - 5.4
Total Parks
8,101,067
3,071,687
4,874,288
6,000,000
1,506,883
3,150,000
1,826,734
10,300,000
2,061,260
13,500,000
3,369,940
3,500,000
1,000,000
6,000,000
3,444,455
7,000,000
6,712,826
5,000,000
4,000,000
94,419,140
Public Schools
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
03/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07/26/10
Total Public Schools
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
2.00 - 5.0
4.75 - 5.4
124,229,500
74,978,422
61,667,788
76,000,000
58,187,994
86,500,000
25,633,689
62,800,000
52,850,289
66,550,000
62,464,240
50,000,000
64,000,000
149,600,000
40,841,395
127,000,000
78,095,307
130,000,000
29,000,000
1,420,398,624
(continued)
28
Outstanding
6/30/10
38,253 $
153,584
3,802,861
900,000
714,117
1,732,500
376,195
5,665,000
1,840,131
7,424,998
3,369,940
2,100,000
1,000,000
3,900,000
2,410,800
6,650,000
6,712,826
5,000,000
4,000,000
-
FY11
Retired
Issued
5,500,000
4,000,000
38,253 $
153,584
405,927
300,000
173,478
157,498
246,492
515,000
2,954
675,000
350,000
300,000
837,165
350,000
800,000
-
Outstanding
6/30/11
Refunded
$
3,396,934
600,000
540,639
1,575,002
129,703
5,150,000
1,837,177
6,749,998
3,369,940
1,750,000
1,000,000
3,600,000
1,573,635
6,300,000
6,712,826
5,000,000
3,200,000
5,500,000
4,000,000
FY11
Interest
Paid
76,867
7,295
188,995
40,125
32,522
64,575
12,647
260,718
84,774
357,750
168,497
105,000
2,365
195,000
120,540
291,375
311,644
237,586
160,000
127,187
103,934
57,791,205
9,500,000
5,305,351
61,985,854
2,949,396
586,612
3,748,920
48,112,461
11,400,000
27,575,496
47,575,000
5,278,971
34,540,000
47,180,609
36,602,500
62,464,240
30,000,000
64,000,000
97,240,000
28,585,200
120,650,000
78,095,307
130,000,000
29,000,000
-
80,500,000
18,600,000
586,612
3,748,920
5,135,647
3,800,000
6,698,815
4,325,000
3,458,904
3,140,000
75,740
3,327,500
5,000,000
7,480,000
9,926,385
6,350,000
5,800,000
-
42,976,814
7,600,000
20,876,681
43,250,000
1,820,067
31,400,000
47,104,869
33,275,000
62,464,240
25,000,000
64,000,000
89,760,000
18,658,815
114,300,000
78,095,307
130,000,000
23,200,000
80,500,000
18,600,000
1,178,749
178,074
2,391,093
508,250
1,255,733
1,773,250
177,476
1,589,625
2,173,589
1,763,575
3,123,212
1,500,000
151,338
4,862,000
1,429,260
5,286,375
3,625,586
6,177,250
1,160,000
1,861,563
483,293
902,635,316
99,100,000
68,853,523
932,881,793
42,649,291
29

Bond Category
Dated
Date
Maturity
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
03/15/08
11/03/09
11/03/09
07/26/10
07/26/10
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2011-22
2023-30
Issued
before
6/30/10
Rate of
Interest

Community College
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
4.75 - 5.4
Total Community College
2,344,749
4,271,578
6,279,491
4,000,000
2,199,486
8,500,000
113,862
4,700,000
1,963,570
14,750,000
3,345,870
6,000,000
4,000,000
10,400,000
5,201,830
18,000,000
7,505,439
19,000,000
122,575,875

07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
05/01/06
06/07/06
05/01/07
03/12/08
03/15/08
11/03/09
11/03/09
11/17/09
07/26/10
07/26/10
Total Consolidated Fire Tax District
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2007-16
2017-26
2008-27
2009-15
2009-29
2011-20
2015-29
2010-14
2011-22
2023-30
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
4.2-5.0
Variable
5.0
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
2.00 - 5.0
4.75 - 5.4
3,833,792
2,100,000
2,429,822
4,000,000
926,594
2,524,250
608,912
500,000
986,670
5,900,000
2,130,285
4,000,000
2,100,000
4,500,000
330,388
6,000,000
3,008,649
4,000,000
6,000,000
55,879,362
30
Outstanding
6/30/10
11,072
213,580
4,899,181
600,000
1,042,344
4,675,000
23,448
2,585,000
1,752,921
8,112,500
3,345,870
3,600,000
4,000,000
6,760,000
3,640,800
17,100,000
7,505,439
19,000,000
-
FY11
Retired
Issued
25,500,000
16,520,000
11,072
213,580
522,951
200,000
253,213
425,000
15,364
235,000
2,814
737,500
600,000
520,000
1,264,290
900,000
-
Refunded
FY11
Interest
Paid
Outstanding
6/30/11
4,376,230
400,000
789,131
4,250,000
8,084
2,350,000
1,750,107
7,375,000
3,345,870
3,000,000
4,000,000
6,240,000
2,376,510
16,200,000
7,505,439
19,000,000
25,500,000
16,520,000
22,248
10,145
243,480
26,750
47,466
174,250
788
118,969
80,756
390,875
167,294
180,000
9,459
338,000
182,040
749,250
348,441
902,828
589,688
429,248
88,867,155
42,020,000
5,900,784
124,986,371
5,011,975
18,105
105,000
1,895,717
600,000
439,116
1,388,336
125,399
275,000
880,822
3,245,000
2,130,285
2,400,000
2,100,000
2,925,000
231,241
5,700,000
3,008,649
4,000,000
6,000,000
-
10,000,000
9,000,000
18,105
105,000
202,354
200,000
106,673
126,213
82,164
25,000
1,413
295,000
400,000
225,000
80,300
300,000
1,200,000
-
1,693,363
400,000
332,443
1,262,123
43,235
250,000
879,409
2,950,000
2,130,285
2,000,000
2,100,000
2,700,000
150,941
5,400,000
3,008,649
4,000,000
4,800,000
10,000,000
9,000,000
36,377
4,987
94,213
26,750
19,997
51,747
4,216
12,656
40,579
156,350
106,514
120,000
4,966
146,250
11,562
249,750
139,677
190,069
240,000
231,250
233,852
37,467,670
19,000,000
3,367,222
53,100,448
2,121,762
31

Bond Category
Dated
Date
Maturity
Rate of
Interest
07/01/92
02/01/01
11/15/01
02/01/02
11/15/02
05/01/03
05/01/03
03/15/04
08/15/04
05/15/05
06/01/05
06/07/06
03/12/08
07/15/08
11/03/09
11/03/09
07/26/10
1993-10
2002-21
2003-19
2003-22
2005-13
2004-23
2004-11
2005-24
2008-17
2006-25
2011-21
2017-26
2009-15
2009-16
2011-20
2015-29
2011-22
2.75 - 5.8
4.0 - 5.0
3.6-5.25
3.0-5.0
2.75-5.25
1.5-4.0
2.0-5.0
3.0-5.0
3.0-5.25
4.0-5.0
5.0
Variable
2.75 - 5.0
3.00 - 5.0
2.00 - 5.0
3.75 - 5.5
2.00 - 5.0
Issued
before
6/30/10

Mass Transit
Total Mass Transit
7,098,990
450,000
2,268,816
400,000
683,247
500,000
2,856,439
900,000
1,064,822
1,200,000
481,420
400,000
829,480
2,500,000
598,494
32,500,000
54,731,708
Public Housing
Total Public Housing
07/01/92
1993-10
2.75 - 5.8
2,457,342
2,457,342
Total General Obligation Bonds
2,832,208,054
REVENUE BONDS
Bethesda Parking Revenue Bonds
Bethesda Parking Revenue Bonds
Total Bethesda Parking District
06/01/02
08/31/05
2003-21
2008-26
3.00 - 4.75
3.62 - 5.00
26,000,000
16,495,000
42,495,000
Solid Waste System

Solid Waste System Revenue Bonds
Total Solid Waste System
04/03/03
2004-13
3.00 - 5.00
31,075,000
31,075,000
Liquor Control
Total Liquor Control
05/12/09
2010-29
3.00 - 5.00
46,765,000
46,765,000
Total Revenue Bonds
120,335,000
TOTAL BONDS
Total Bonded Debt
32
2,952,543,054
Outstanding
6/30/10
FY11
Retired
Issued
33,521 $
22,500
1,770,101
60,000
323,793
275,000
588,252
495,000
950,589
660,000
481,420
400,000
580,559
2,375,000
598,494
32,500,000
-
$
2,000,000
42,114,229
2,000,000
11,604
11,604
1,769,839,285
325,000,000
Outstanding
6/30/11
Refunded
33,521 $
22,500
188,945
20,000
78,658
25,000
385,436
45,000
1,526
60,000
201,603
125,000
-
FY11
Interest
Paid
$
1,581,156
40,000
245,135
250,000
202,816
450,000
949,063
600,000
481,420
400,000
378,956
2,250,000
598,494
32,500,000
2,000,000
67,359
1,069
87,970
2,675
14,745
10,250
19,776
22,781
43,793
31,800
24,071
946
29,028
104,063
27,785
1,544,313
46,250
42,927,040
2,078,674
1,187,189
11,604
11,604
139,239,285
1,955,600,000
88,226,065
23,316
23,316
17,415,000
14,665,000
32,080,000
1,250,000
665,000
1,915,000
16,165,000
14,000,000
30,165,000
773,477
581,758
1,355,235
9,925,000
9,925,000
3,550,000
3,550,000
6,375,000
6,375,000
460,750
460,750
45,020,000
45,020,000
34,360,000
34,360,000
1,550,000
1,550,000
77,830,000
77,830,000
2,108,248
2,108,248
87,025,000
34,360,000
7,015,000
114,370,000
3,924,233
359,360,000
$ 146,254,285
$ 1,856,864,285
2,069,970,000 $ 92,150,298
33
34
fiscal year 2011

debt service schedules for
fiscal year 2012
BOND ISSUES THROUGH 6/30/2011
35

DEBT SERVICE REQUIREMENTS FOR BOND PRINCIPAL AND INTEREST
FOR FISCAL YEAR 2012
(BOND ISSUES THROUGH 6/30/2011)
Bond Category
General County
Parks
Public Schools
Community College
Mass Transit
Public Housing
Principal
Total
14,609,112 $
18,536,056
2,839,969
40,253,168
5,644,645
2,372,775
1,999,972
-
39,189,786
56,071,141
8,590,088
116,215,612
13,609,187
6,683,985
3,160,898
-
157,265,000
86,255,697
243,520,697
Revenue Bonds
Solid Waste System
Liquor Control**
1,995,000
3,690,000
2,816,250
1,278,135
318,750
3,568,253
3,273,135
4,008,750
6,384,503
Total Revenue Bonds
8,501,250
5,165,138
13,666,388
165,766,250 $
91,420,835
Total Requirement
24,580,674 $
37,535,085
5,750,119
75,962,444
7,964,542
4,311,210
1,160,926
-
Interest*
257,187,085
*Future interest payments for the variable rate demand obligations that were issued on June 7, 2006
are not included on this schedule. The interest rate is reset daily and the rate is established by the
remarketing agents.
**Due to a trust agreement between The County and U.S. Bank; debt service requires quarterly payments.
36

CASH REQUIREMENTS BY ACTUAL TRANSFER DATE AND PAYING AGENT
U.S. Bank Trust*

National Assoc.
Depository
Trust Co.
Federal
Subsidy
Total
July 1, 2011
August 1, 2011
September 1, 2011
September 23, 2011
October 3, 2011
November 1, 2011
December 1, 2011
December 23, 2010
January 2, 2012
February 1, 2012
March 1, 2012
March 23, 2012
April 2, 2012
May 1, 2012
June 1, 2012
June 22, 2012
1,558,890.50
159,375.00
1,618,837.00
1,618,838.00
3,849,375.00
1,587,937.00
13,594,625.00
42,842,666.25
8,242,812.50
16,631,168.75
51,486,489.38
2,761,738.75
14,682,250.00
21,038,866.25
1,914,287.50
11,851,181.25
47,681,008.12
14,066,738.75
-
(1,210,162.88)
(1,929,203.00)
(1,210,162.88)
(1,929,203.00)
-
Total Debt Service Payments
10,393,252.50
246,793,832.50
(6,278,731.76)
$ 250,908,353.24
Total Cash Requirements for Debt Service Payments - Fiscal Year 2012
13,594,625.00
41,632,503.37
8,242,812.50
1,558,890.50
16,631,168.75
49,557,286.38
2,921,113.75
1,618,837.00
14,682,250.00
19,828,703.37
1,914,287.50
1,618,838.00
11,851,181.25
45,751,805.12
17,916,113.75
1,587,937.00
$ 250,908,353.24
Note: The above transfer dates have been adjusted for situations when a debt service payment falls on a weekend or holiday.
*Future interest payments for the variable rate demand obligations that were issued on June 7, 2006 is payable to U.S. Bank Trust
Association; however, the monthly interest payments are not included in this schedule because the interest rate is reset daily and
is established by the remarking agents.
37

CASH REQUIREMENTS BY DUE DATE FOR U. S. BANK TRUST NATIONAL ASSOCIATION
Bond Description
Dated
Date
Due
Date
05/12/09
04/03/03
05/12/09
05/12/09
04/03/03
05/12/09
09/23/11
12/01/11
12/23/11
03/23/12
06/01/11
06/22/11
Total
Principal
Interest*
706,250.00
706,250.00
706,250.00
3,690,000.00
697,500.00
6,506,250.00
852,640.50
159,375.00
912,587.00
912,588.00
159,375.00
890,437.00
3,887,002.50
Note: Montgomery County's contractual agreement with U.S Bank Trust National Association requires that the funds on all payments be
transferred one working day prior to the due date.
38
Total
1,558,890.50
159,375.00
1,618,837.00
1,618,838.00
3,849,375.00
1,587,937.00
10,393,252.50

CASH REQUIREMENTS BY DUE DATE FOR DEPOSITORY TRUST COMPANY
Bond Description
General Obligation Bonds BAB'S
General Obligation Bonds RZEDBs
General Obligation BAB's
Dated
Date
Due
Date
05/01/03
06/01/05
03/12/08
02/01/02
05/15/05
07/15/08
07/08/10
07/08/10
07/08/10
08/15/04
11/15/01
03/15/04
11/15/02
05/01/03
05/01/06
05/01/07
11/03/09
11/03/09
11/17/09
05/15/05
06/01/02
06/01/05
03/12/08
02/01/02
05/15/05
07/15/08
07/08/10
07/08/10
07/08/10
08/15/04
11/15/01
03/15/04
11/15/02
05/01/03
05/01/06
05/01/07
11/03/09
11/03/09
11/17/09
05/15/05
06/01/02
07/01/11
"
"
08/01/11
"
"
"
"
"
09/01/11
10/03/11
"
11/01/11
"
"
"
"
"
"
12/01/11
"
01/03/12
"
02/01/12
"
"
"
"
"
03/01/12
04/02/12
Dated Date
07/08/10
07/08/10
11/03/09
07/08/10
07/08/10
11/03/09
Total
87,875.00
3,008,875.00
802,875.00
335,000.00
284,228.75
5,109,375.00
4,387,500.00
2,687,902.50
598,660.00
2,007,812.50
2,677,762.50
1,763,406.25
875,231.25
1,472,500.00
1,250,000.00
3,750,000.00
3,754,750.00
5,512,008.13
1,482,000.00
2,400,000.00
361,738.75
2,854,375.00
802,875.00
335,000.00
270,428.75
4,921,875.00
4,225,000.00
2,687,902.50
598,660.00
1,914,287.50
2,357,775.00
1,763,406.25
591,600.00
1,472,500.00
1,250,000.00
3,750,000.00
3,684,900.00
5,512,008.12
1,170,000.00
2,400,000.00
361,738.75
3,602,875.00
9,188,875.00
802,875.00
335,000.00
974,228.75
17,609,375.00
20,637,500.00
2,687,902.50
598,660.00
8,242,812.50
14,867,762.50
1,763,406.25
11,680,231.25
1,472,500.00
1,250,000.00
3,750,000.00
10,739,750.00
5,512,008.13
17,082,000.00
2,400,000.00
361,738.75
2,854,375.00
11,827,875.00
8,335,000.00
270,428.75
4,921,875.00
4,225,000.00
2,687,902.50
598,660.00
1,914,287.50
2,357,775.00
9,493,406.25
591,600.00
9,222,500.00
11,250,000.00
16,250,000.00
3,684,900.00
5,512,008.12
1,170,000.00
12,400,000.00
1,666,738.75
$ 159,260,000.00
87,533,832.50
246,793,832.50
"
"
"
"
"
"
"
06/01/12
"
Due Date
08/02/2011
08/02/2011
11/1/2011
02/1/2012
02/1/2012
05/2/2012
Interest
3,515,000.00
6,180,000.00
690,000.00
12,500,000.00
16,250,000.00
6,235,000.00
12,190,000.00
10,805,000.00
6,985,000.00
15,600,000.00
11,025,000.00
8,000,000.00
7,730,000.00
7,750,000.00
10,000,000.00
12,500,000.00
10,000,000.00
1,305,000.00
05/01/12
Total
Federal Subsidy
Principal
Principal
Interest
2,687,902.50
598,660.00
5,512,008.13
598,660.00
2,687,902.50
5,512,008.12
Total Federal Subsidy
Total Cash Requirement after Federal Subsidy
Note: (1) Dividend and interest payments for all issues are due on the payable date in same-day funds by 2:30 p.m. E.T.
(2) Contractual agreement requires that funds for all payments be paid to Depository Trust Company's agent banks
for deposit to their accounts.
39
Subsidy
(940,765.88)
(269,397.00)
(1,929,203.00)
(940,765.88)
(269,397.00)
(1,929,203.00)
(6,278,731.76)
240,515,100.74
40
subsequent event
ADDENDUM TO
FISCAL YEAR 2011
DEBT SERVICE SCHEDULES
41

DEBT SERVICE REQUIREMENTS FOR BOND PRINCIPAL AND INTEREST
Bond Category
General County
Parks
Public Schools
Community College
Mass Transit
RZEDB's Unallocated
Principal
Total
12,869,037 $
18,172,315
2,773,460
39,072,163
5,575,610
2,372,925
2,459,159
1,197,320
37,449,711
55,707,400
8,523,579
115,034,607
13,540,152
6,684,135
3,620,085
1,197,320
157,265,000
84,491,989
241,756,989
Revenue Bonds
Solid Waste System
Liquor Control**
1,995,000
3,690,000
2,816,250
1,278,135
318,750
3,568,253
3,273,135
4,008,750
6,384,503
Total Revenue Bonds
8,501,250
5,165,138
13,666,388
165,766,250 $
89,657,127
Total Requirement
24,580,674 $
37,535,085
5,750,119
75,962,444
7,964,542
4,311,210
1,160,926
-
Interest*
255,423,377
*Future interest payments for the variable rate demand obligations that were issued on June 7, 2006
are not included on this schedule. The interest rate is reset daily and the rate is established by the
remarketing agents.
**Due to a trust agreement between The County and U.S. Bank; debt service requires quarterly payments.
42

CASH REQUIREMENTS BY ACTUAL TRANSFER DATE AND PAYING AGENT
U.S. Bank Trust*

National Assoc.
July 1, 2011
August 1, 2011
September 1, 2011
September 23, 2011
October 3, 2011
November 1, 2011
December 1, 2011
December 23, 2011
January 3, 2012
February 1, 2012
March 1, 2012
March 23, 2012
April 1, 2012
May 1, 2012
June 1, 2012
June 22, 2012
1,558,890.50
159,375.00
1,618,837.00
1,618,838.00
3,849,375.00
1,587,937.00
Total Debt Service Payments
10,393,252.50
Depository**
Trust Co.
$
13,594,625.00
42,842,666.25
8,242,812.50
13,258,831.25
49,933,989.38
1,861,738.75
24,738,216.67
20,868,866.25
1,914,287.50
8,478,843.75
46,128,508.13
13,166,738.75
-
$ 245,030,124.18
Total Cash Requirements for Debt Service Payments - Fiscal Year 2011
Federal
Subsidy
$
1,210,162.88
1,929,203.00
1,210,162.88
1,929,203.00
-
$ 6,278,731.76
Total
$
13,594,625.00
44,052,829.13
8,242,812.50
1,558,890.50
13,258,831.25
48,004,786.38
2,021,113.75
1,618,837.00
24,738,216.67
19,658,703.37
1,914,287.50
1,618,838.00
8,478,843.75
44,199,305.13
17,016,113.75
1,587,937.00
$ 251,564,970.68
$ 251,564,970.68
Note: The above transfer dates have been adjusted for situations when a debt service payment falls on a weekend or holiday.
**Build America and Recovery Zone Economic Development Bonds' interest payments do not include a federal subsidy of 35% - 45%.
43

CASH REQUIREMENTS BY DUE DATE FOR U. S. BANK TRUST NATIONAL ASSOCIATION
Bond Description
Dated
Date
Due
Date
05/12/09
04/03/03
05/12/09
05/12/09
04/03/03
05/12/09
09/23/11
12/01/11
12/23/11
03/23/12
06/01/11
06/22/11
Total
Principal
Interest*
706,250.00
706,250.00
706,250.00
3,690,000.00
697,500.00
6,506,250.00
852,640.50
159,375.00
912,587.00
912,588.00
159,375.00
890,437.00
3,887,002.50
Note: Montgomery County's contractual agreement with U.S Bank Trust National Association requires that the funds on all payments be
transferred one working day prior to the due date.
44
Total
1,558,890.50
159,375.00
1,618,837.00
1,618,838.00
3,849,375.00
1,587,937.00
10,393,252.50

CASH REQUIREMENTS BY DUE DATE FOR DEPOSITORY TRUST COMPANY
Bond Description
Dated
Date
Due
Date
05/01/03
06/01/05
03/12/08
02/01/02
05/15/05
07/15/08
07/08/10
07/08/10
07/08/10
08/15/04
11/15/01
03/15/04
11/15/02
05/01/03
05/01/06
05/01/07
11/03/09
11/03/09
11/17/09
05/15/05
06/01/02
06/01/05
03/12/08
08/03/11
08/03/11
02/01/02
05/15/05
07/15/08
07/08/10
07/08/10
07/08/10
08/15/04
03/15/04
11/15/02
05/01/03
05/01/06
05/01/07
11/03/09
11/03/09
11/17/09
05/15/05
06/01/02
07/01/11
"
"
08/02/11
"
"
"
"
"
09/01/11
10/03/11
"
11/01/11
"
"
"
"
"
"
12/01/11
"
01/03/12
"
"
"
02/02/12
"
"
"
"
"
03/01/12
04/02/12
05/01/12
Dated Date
07/08/10
07/08/10
11/03/09
07/08/10
07/08/10
11/03/09
Total
3,515,000.00
6,180,000.00
690,000.00
12,500,000.00
16,250,000.00
6,235,000.00
12,190,000.00
10,805,000.00
6,985,000.00
15,600,000.00
11,025,000.00
8,000,000.00
7,730,000.00
7,750,000.00
10,000,000.00
12,500,000.00
10,000,000.00
1,305,000.00
87,875.00
3,008,875.00
802,875.00
335,000.00
284,228.75
5,109,375.00
4,387,500.00
2,687,902.50
598,660.00
2,007,812.50
319,987.50
748,843.75
875,231.25
232,500.00
1,250,000.00
3,437,500.00
3,754,750.00
5,512,008.13
1,482,000.00
1,500,000.00
361,738.75
2,854,375.00
802,875.00
5,631,111.11
4,424,855.56
165,000.00
270,428.75
4,921,875.00
4,225,000.00
2,687,902.50
598,660.00
1,914,287.50
748,843.75
591,600.00
232,500.00
1,250,000.00
3,437,500.00
3,684,900.00
5,512,008.13
1,170,000.00
1,500,000.00
361,738.75
3,602,875.00
9,188,875.00
802,875.00
335,000.00
974,228.75
17,609,375.00
20,637,500.00
2,687,902.50
598,660.00
8,242,812.50
12,509,987.50
748,843.75
11,680,231.25
232,500.00
1,250,000.00
3,437,500.00
10,739,750.00
5,512,008.13
17,082,000.00
1,500,000.00
361,738.75
2,854,375.00
11,827,875.00
5,631,111.11
4,424,855.56
8,165,000.00
270,428.75
4,921,875.00
4,225,000.00
2,687,902.50
598,660.00
1,914,287.50
8,478,843.75
591,600.00
7,982,500.00
11,250,000.00
15,937,500.00
3,684,900.00
5,512,008.13
1,170,000.00
11,500,000.00
1,666,738.75
159,260,000.00
85,770,124.18
245,030,124.18
"
"
"
"
"
06/01/12
"
Due Date
08/02/2011
08/02/2011
11/1/2011
02/1/2012
02/1/2012
05/2/2012
Interest
"
Total
Federal Subsidy
Principal
Principal
$
Interest
2,687,902.50
598,660.00
5,512,008.13
2,687,902.50
598,660.00
5,512,008.13
Total Federal Subsidy
Total Cash Requirement after Federal Subsidy
Note: (1) Dividend and interest payments for all issues are due on the payable date in same-day funds by 12:00 p.m. E.T.
(2) Contractual agreement requires that funds for all payments be paid to Depository Trust Company's agent banks
for deposit to their accounts.
45
Subsidy
(940,765.88)
(269,397.00)
(1,929,203.00)
(940,765.88)
(269,397.00)
(1,929,203.00)
(6,278,731.76)
238,751,392.42
46
Prepared by the:
Department of Finance
Division of the Controller
101 Monroe Street
Rockville, Maryland 20850
240-777-8820

FY2011-Debt Service Program

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MONTGOMERY COUNTY

Fiscal Year 2011

with Montgomery Countys diverse community members to provide:

A Responsive and Accountable County Government

Affordable Housing in an Inclusive Community

An Effective and Efcient Transportation Network

Children Prepared to Live and Learn

Healthy and Sustainable Communities

Safe Streets and Secure Neighborhoods

A Strong and Vibrant Economy

Vital Living for All of Our Residents

AS dedicated public servants, the employees of the Montgomery

Respect for the Individual

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GENERAL OBLIGATION BONDS

MONTGOMERY COUNTY, MARYLAND

*Variable Rate Demand Obligations

MONTGOMERY COUNTY, MARYLAND

MONTGOMERY COUNTY, MARYLAND

General Obligation Bonds

State School Loans*

State Road Loans

3,920,250 $ 206,159 $ 25,960 $

$ 4,421,996,249 $ 17,263,489 $ 4,397,757 $ 21,661,246 $ 947,727

Total General Obligation Bond and

MONTGOMERY COUNTY, MARYLAND

June 30, 2011

MONTGOMERY COUNTY, MARYLAND

Bethesda Parking District

MONTGOMERY COUNTY, MARYLAND

Bethesda Parking District

Solid Waste System

Silver Spring Parking District

Liquor Control System

Total Revenue Bonds

MONTGOMERY COUNTY, MARYLAND

June 30, 2011

DEBT SERVICE REQUIREMENT

MONTGOMERY COUNTY, MARYLAND

General Obligation Bonds

MONTGOMERY COUNTY, MARYLAND

Bethesda Parking District

Solid Waste System

Total Revenue Bonds

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FISCAL YEAR 2011

MONTGOMERY COUNTY, MARYLAND

Total General Obligation Bonds/V.R.D.O

Total Revenue Bonds

Total Bonded Debt

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MONTGOMERY COUNTY, MARYLAND

Total Governmental Funds

Total Proprietary Funds

Total Bonded Debt

MONTGOMERY COUNTY, MARYLAND

GENERAL OBLIGATION BONDS

Total General County

Total Roads and Storm Drainage

MONTGOMERY COUNTY, MARYLAND

GENERAL OBLIGATION BONDS (continued)

Total Public Schools

MONTGOMERY COUNTY, MARYLAND