LAWS OF MARYLAND

Special Session
December 16, 1969

MARYLAND, Sct:

At a Special Session of the General Assembly of Maryland, begun
and held in the City of Annapolis, on the sixteenth day of Decem-
ber, 1969, the Honorable Marvin Mandel, being Governor of the
State, the following laws were enacted, to wit:

CHAPTER 1
(Senate Bill 1)

AN ACT making an emergency appropriation from the General
Fund Surplus of the State Treasury for the fiscal year ending
June 30, 1970, in the amount of $50,000,000.00 to the Board of
Public Works to be used by said Board as part of the General
Emergency Fund FOR PROJECTS OR PROGRAMS HERETO-
FORE OR HEREAFTER AUTHORIZED BY THE GENERAL
ASSEMBLY AND SO AS NOT TO EXCEED THE TOTAL SUM
OF MONEY APPROPRIATED BY THE GENERAL ASSEM-
BLY FOR ANY PARTICULAR PROJECT OR PROGRAM.

Whereas, the State has underway many necessary construction
projects which were previously authorized by the General Assembly;
and

Whereas, there are at this time insufficient funds available to
cover the cost of these construction projects, due to the State's in-
ability to sell bonds at the 5% interest ceiling; and

Whereas, even if the 5% interest ceiling were raised, marketing of
State bonds would take considerable time; and

Whereas, it is desirable, when possible, to finance expenditures
through use of general revenues, and by so doing, avoid the creation
of a new debt, and the attendant rise in property tax rates needed to
finance such debt; and

Whereas, in order to accomplish this, it is intended that some of the
General Fund Surplus for the fiscal year ending June 30, 1969 1970,
estimated to be $79,565,000.00 and as shown in detail by the Revenue
Estimates attached hereto as an exhibit, be made available to the
Board of Public Works to finance construction projects, at its dis-
cretion ;

Explanation: Italics indicate new matter added to existing law.
[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.