5288

VETOES

(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 continue
the Industrial and Commercial Redevelopment Fund created by
§ 451 of Article 41 of the Code, (1978 Replacement Volume
and 1981 Supplement, as amended from time to time), to be
used for loans or grants in accordance with §§ 460 to 466 of
Article 41 of the Code (1978 Replacement Volume and 1981
Supplement, as amended from time to time).

(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, 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 814.

This bill authorizes the creation of a State debt. The
proceeds of this loan are to be used to continue the
Commercial Redevelopment Fund which is to be used for loans
or grants to a political subdivision to cover part of the
eligible project costs of an industrial or commercial
redevelopment project.

Senate Bill 514, 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 814.

Sincerely,
Harry Hughes
Governor