4112                                             LAWS OF MARYLAND                      Ch. 3

all the members elected to each of the two Houses of the General
Assembly, the same shall take effect from the date of its
passage.

Approved May 18, 1985.

CHAPTER 4

(House Bill 4)

AN ACT concerning

Creation of a State Debt - Savings and Loan Association
Capital Stabilization and Insurance Loan

FOR the purpose of authorizing the creation of a State Debt in
the amount of $100,000,000, the proceeds to be used for the
purpose of providing monies for the Savings and Loan
Association Capital Stabilization Fund created under this
Act and the Maryland Deposit Insurance Fund; providing for
the creation of the Savings and Loan Association Capital
Stabilization Fund, the composition of the Fund, and the
management, supervision, and application of the Fund;
authorizing the issuance to savings and loan associations of
obligations payable from the Fund; authorizing the State to
issue and sell bond anticipation notes under certain terms
and conditions; providing for the expenditure of the bond
anticipation note proceeds; providing for certain reporting
by the Secretary of Licensing and Regulation to the Joint
Budget and Audit Committee of the General Assembly;
providing that this Act is an emergency measure; and
providing generally for the issue and sale of bonds
evidencing the loan, the creation and use of a certain fund,
and the issuance of bond anticipation notes by the State.

Preamble

WHEREAS, Public confidence in the security of deposits in
privately insured savings and loan associations has been severely
eroded by recent events in Ohio; and

WHEREAS, The events in Ohio have led to heightened
sensitivity in Maryland to the fiscal integrity and financial
stability of privately insured savings and loan associations; and

WHEREAS, Two major State-chartered, privately insured
savings and loan associations are under court ordered
conservatorships; and

WHEREAS, These events and the consequent erosion of public
confidence have led to the proclamation by the Governor of an
emergency sufficiently grave to require his directing that