5280

VETOES

(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.

(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 be made part of the Small Business
Development Financing Fund established by § 13-218 of the
Financial Institutions Article, to be used to implement and
to be subject to all of the provisions binding the Fund, as
relating to the Small Business Development Financing
Authority set forth in Part III of Subtitle 2 of Title 13 of
the Financial Institutions Article.

(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 15 years of the date of
issue of the bonds.

SECTION 3. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1982.

June 1, 1982
The Honorable Benjamin L. Cardin
Speaker of the House of Delegates
State House
Annapolis, Maryland 21404

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the
Maryland Constitution, I have today vetoed House Bill 809.

This bill authorizes the Maryland Small Business
Development Financing Authority Loan of 1982 in the amount
of $2,000,000. The proceeds of the loan are to be a part of
the Small Business Development Financing Fund, and any
excess in that fund is to be applied to the payment of debt
service on the loan.

Senate Bill 578, which was passed by the General
Assembly and signed by me on June 1, 1982, accomplishes the
same purpose. Therefore it is not necessary for me to sign
House Bill 809.