HARRY HUGHES, Governor

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Additionally, the Department of Transportation's
financial advisors have urgently requested that I veto
Senate Bill 136 because of their "deep concern that passage
of this legislation will have an apparent impairment on the
security afforded bondholders of the Maryland Department of
Transportation Consolidated Transportation Bonds, the
marketability and bond ratings on proposed issues of such
Bonds and Bond Anticipation Notes, and the creditability of
the Department and the State of Maryland in the financial
community." I share that concern.

Accordingly, because I am convinced that the laudable
objectives of this legislation can be realized (for example,
via a tax credit program) without encountering the extreme
risks which this measure presents, I have decided to veto
Senate Bill 136.

Sincerely,
Harry Hughes
Governor

Senate Bill No. 193

AN ACT concerning

Creation of a State Debt - Energy Conservation Saving
Devices Loan Program

FOR the purpose of authorizing the creation of a State Debt
in the amount of $5,000,000 $2,000,000, the proceeds to
be used to fund a program of State loans for energy
conservation devices the Energy Saving Device Loan
Program administered by the Department of Economic and
Community Development; providing generally for the
issue and sale of bonds evidencing the loan; and making
this Act contingent on the passage of another Act.

May 27, 1980
Honorable James Clark, Jr.
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, I have today vetoed Senate Bill 193.