RELATIONSHIPS WITH OTHER GOVERNMENTAL AGENCIES (CONTINUED) NOTE 11
Maryland Department of General Services The MDTA has an intergovernmental financing lease with the Maryland Department of General Services (DGS). The MDTA borrowed funds to finance and refinance the development and construction of a parking garage for State of Maryland employees in Annapolis, Maryland. The MDTA leases the project to DGS under a capital lease expiring on the date at which the MDTA has recovered its costs related to the parking facility project. Per the related facility lease and financing agreement, amounts due to the MDTA under the capital lease are identical to the debt payment terms of the Lease Revenue Refunding Bond, Calvert Street Parking Garage Project. DGS funds the lease through rental payments to the MDTA’s Trustee equal to the schedule of debt service requirements for the bond (see Note 6 for additional information). The present value of the intergovernmental financing lease as of June 30, 2024 is as follows:
Calvert Street Parking Facilities $
Year Ended June 30, 2025 2026 207
1,195 1,223 1,256 1,287 1,317 4,909 11,187
2028 2029 2030-2033
Total Bonds Payable
Plus: Interest Payable
147 147
Less: Cash & Investments Less: Interest Receivable
1,344 1 1,345
Net Investments in Intergovernmental Financing Receivable
$
9,989
Annual Comprehensive Financial Report For Fiscal Year Ended June 30, 2024 | 79
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