June 30,1996
(Amounts in thousands unless otherwise stated)
a. State as Lessor
The State leases building space, land, and equipment to private individuals. The minimum future lease revenues for the
next five years and thereafter are as follows:
| 1997 | $16,826 |
| 1998 | 17,001 |
| 1999 | 17,122 |
| 2000 | 17,221 |
| 2001 | 17,321 |
| Thereafter | 31,039 |
| Total | $116,530 |
Contingent revenues for the year ended June 30, 1996, were $1,145.
b. State as Lessee
Obligations under capital leases and operating leases as of June 30, 1996, were $84,845 for capital leases and
$61,571 for noncancelable operating leases in excess of one year. The following is a schedule of annual future
minimum payments under these obligations along with the present value of the related net minimum capital lease
payments discounted at approximately 6% as of June 30, 1996:
| Operating Leases | Capital Leases General Long-term | |
|---|---|---|
| 1997 | $13,932 | $10,208 |
| 1998 | 13,208 | 6,745 |
| 1999 | 11,044 | 5,723 |
| 2000 | 7,116 | 4,940 |
| 2001 | 4,420 | 4,186 |
| Thereafter | 11,851 | 53,043 |
| Total future minimum payments | $61,571 | 84,845 |
| Less: Imputed interest | 30,448 | |
| Present value of net minimum lease payments | $54,397 |
Rental and lease payments for equipment charged to expenditures during the year ended June 30, 1996, totaled $40,318.
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