Note 4: Long-Term Debt

 As of June 30,
Description Interest RateMaturity1994     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 9,7067,467
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):

1994-1995 $ 11,785
1995-199612,263
1996-199711,261
1997-1998 10,294
1998-1999 9,793
Later years188,286
Total$243,682

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