HARRY HUGHES, Governor                                      4113

withdrawals by depositors be limited to an aggregate $1,000 per
account in each 30 consecutive day period commencing May 14,
1985, from any association insured by the Maryland Savings-Share
Insurance Corporation not in conservatorship; and

WHEREAS, The General Assembly has been called into Special
Session to take action to alleviate the impending financial
crisis; and

WHEREAS, The continued fiscal integrity and financial
stability of the thrift industry in Maryland is a vitally
important concern to the State and all of its citizens; and

WHEREAS, The events in Maryland have been reported adversely
to have affected the value of the United States dollar in
international money markets; and

WHEREAS, Both the fiscal reputation of the government of the
State of Maryland and the credit of the State of Maryland,
including its ability in the future to finance vitally needed
public projects and programs through ready access to the
financial markets, may be adversely affected unless decisive
action is taken to restore public confidence; and

WHEREAS, The General Assembly hereby declares that a
condition of public crisis and emergency exists in the State of
Maryland and that the following enactment is necessary to protect
the public safety, health, and welfare, to control the state of
emergency, and to restore public confidence in, and the fiscal
integrity and financial stability of, the thrift industry
throughout Maryland; now, therefore,

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(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 Savings and Loan Association Capital
Stabilization and Insurance Loan in the aggregate principal
amount of $100,000,000. 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 (1983 Replacement
Volume and 1984 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.

(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