3396

VETOES

(1)  The Board of Public Works may borrow money and
incur indebtedness on behalf of the State of Maryland
through a State loan to be known as the Shore Erosion
Control Loan of 1981 in the aggregate principal amount of
$1,000,000. This loan shall be evidenced by the issuance
and sale of State general obligation bonds authorized by a
resolution of the Board of Public Works and issued, sold and
delivered in accordance with the provisions of §§ 19 to 23
of Article 31 of the Annotated Code of Maryland (1976
Replacement Volume and 1980 Supplement, as amended from time
to time).

(2)  The bonds issued to evidence this loan or
installments thereof may be sold as a single issue, or may
be consolidated and sold as part of a single issue of bonds
under § 2B of Article 31 of the Code.

(2) (3) The actual cash proceeds of the sale of the
bonds shall be paid to the Treasurer and shall be first
applied to the payment of the expenses of issuing and
delivering the bonds unless funds for this purpose are
otherwise provided and thereafter shall be credited on the
books of the State Comptroller and expended, upon approval
by the Board of Public Works, for the following public
purposes, including any applicable architects' and
engineers' fees:

To provide State funds to be used in the same manner as
general funds for the design and construction of shore
erosion control projects by persons, municipalities, and
counties pursuant to §§ 8-1001 to 8-1007 of the Natural
Resources Article of the Annotated Code of Maryland (1974
Volume and 1980 Supplement, as amended from time to time).

{3} (4) There is hereby levied and imposed an annual
State tax on all assessable property in the State in rate
and amount sufficient to pay the principal of and interest
on the bonds as and when due and until paid in full, such
principal to be discharged within fifteen years of the date
of issue of the bonds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1981.

May 19, 1981
The 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, today I have vetoed Senate Bill 456.