HARRY HUGHES, Governor

3495

the sale of this property, including any interest earned from the
investment of such funds, may be used, if first approved by the
Budget Committees of the General Assembly of Maryland and then
approved by the Board of Public Works, only to purchase or
improve additional property or facilities for the use of the
University. The money may not be applied to the annuity bond
fund account.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1985.

Approved May 28, 1985.

CHAPTER 741

(Senate Bill 812)

AN ACT concerning

Teachers and State Employees -
Deferral of Compensation

FOR the purpose of adding a new article to the Annotated Code of
Maryland, to be designated and known as "State Supplemental
Compensation Plans"; placing in one article statutes
governing the deferred compensation plans available to
teachers and State employees; creating a Board of Trustees
to administer these plans; authorizing certain plans;
removing certain limitations on the investments by one plan;
and generally relating to deferred compensation plans for
teachers and State employees.

BY repealing

Article 64A - Merit System

Section 28

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

BY repealing

Article 73B - Pensions

Section 66, 67, 68, 69, and 70 and the subtitle "State

Employees Deferred Compensation Plan"
Annotated Code of Maryland
(1983 Replacement Volume and 1984 Supplement)

BY repealing and reenacting, with amendments,