Note 4: Long-Term Debt

			As of June 30,
Description	Interest Rate	Maturity	1994     1993 (in thousands)
Plant Funds Revenue Bonds
Medical Center Series A	3.5% to 5.2%	1996-2015	$ 49,205	$ 49,205
Medical Center Series C	7.75% to 8.1%	1994-1996	3,775	6,885
Medical Center Series E	6.0% to 7.0%	2001-2013	55,875	55,875
University of Virginia Series B	3.0% to 5.375%	1995-2020	61,380	61,600
Clinch Valley College Series B	5.5% to 5.88%	1995-2011	360	370
Commonwealth of Virginia Bonds	3.5% to 9.25%	1995-2013	62,649	65,235
Higher Education Equipment Trust Fund Leases Payable	3.5% to 5.35%	1994-1999	9,706	7,467
Other	various	1994-1998	732	1,181
Total			$243,682	$247,818

On December 8, 1993, the Commonwealth of Virginia, on behalf of the University of Virginia, issued $21,698,000 of 1993 Series B Refunding Bonds with interest rates ranging from 3.5 percent to 5.125 percent to refund $20,224,000 of outstanding 1976 Series A, 1979 Series A, 1986 Series B, 1989 Refunding Bonds, 1990 Series B and 1991 Series A Bonds with interest rates ranging from 5.25 percent to 8.4 percent. Though the refunding resulted in the recognition of an accounting loss of $1,474,000 for the year ended June 30,1994, the University in effect reduced the aggregate debt service obligation by $1,497,000 over the next seventeen years and obtained an economic gain (difference between the present values of the old and new debt service payments) of $1,126,000.

Long-term debt matures for each of the next five years and in the aggregate (in thousands):

• Go to Note 5: Affiliated Foundations
  
• Return to Contents of Financial Report 1993-94

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