Bonds and notes payable at June 30, 1998 amount to $20,153,000 and $3,885,000, respectively.  The table below summarizes the components of bonds and notes payable at June 30, 1998.  The maximum aggregate amount of maturities and sinking fund requirements for all long-term borrowings approximate $3,972,000 for each of the five years ending June 30, 2003.

 In compliance with the University's various bond indentures, at June 30, 1998 the University has deposits with trustees of $11,608,000 for debt service reserves, sinking funds and other requirements.  Deposits with trustees are invested in obligations of the U.S. Government as required by the University's bond indentures.

 The University has a $1,000,000 line of credit for Energy Savings Projects III.  At June 30, 1998, no drawdowns have been made.  The drawdown period expires on December 1, 1999.

(1) Revenues from these facilities are pledged as collateral under debt agreements.
(2) The buildings and their contents are pledged as collateral under debt agreements.
(3) Amortization requirements on term bonds.
(4) The University receives interest subsidies from the United States Departments of Education and of Housing and Urban Development for amounts in excess of 3% on the 1973 and 1975 Issues of Housing, Dining and Student Services Facilities System Bonds. It receives a similar grant from the Department of Housing and Urban Development for the 1969  Married Student Housing bond issue.
(5) The interest rate  is 2% above the money market rate of the First National Bank of Boston. At June 30, 1998 the rate was 7.85547%.  Debt agreements contain various covenants including maintenance of certain reserves.
(6) The University has borrowed $426,525 on a $1,000,000 line of credit. The drawdown period expires December 1, 1999. Principal payments do not begin until after the drawdown period.