BLAIR LEE III, Acting Governor                        2583

Approved May 29, 1978.

CHAPTER 881

(House Bill 454)

AN ACT concerning

Public Works — Borrowing Power

FOR the purpose of changing the amounts of money which the
Treasurer, at the direction of the Board of Public
Works, may borrow in anticipation of revenues as set
forth in the Fiscal Digest, or in anticipation of
settlement of a bond issue; specifying that the
Treasurer would sake and sell short—term notes for
these loans; changing the conditions for these loans;
correcting certain language; providing that the
legislation shall be contingent upon the fulfillment of
certain conditions; and stating the intention of this
Act.

BY repealing and reenacting, with amendments,

Article 78A - Public Works

Section 9

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)

Preamble

WHEREAS, It is the intention of the General Assembly
that this Act shall apply solely to temporary shortages of
cash operating funds in State accounts, and may not be
construed to authorize at any time any increase in the
amount of funds appropriated by the General Assembly in the
annual State operating or capital budgets; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 78A - Public Works

9.

(A) The PURSUANT TO ARTICLE III, SECTION 34, OF THE
CONSTITUTION, THE TREASURER, AT THE DIRECTION OF THE Board
of Public Works [is hereby authorized and empowered to] MAY
borrow upon the credit of the State, BY MAKING AND SELLING
SHORT-TERM NOTES, at any time [between the regular annual
sessions of the General Assembly] in sum or sums not to