HARRY HUGHES, Governor

3837

negotiable instruments and shall have and possess all the
attributes of negotiable instruments under the laws of the State
of Maryland. Any and all obligations issued under this Act,
their transfer, the interest payable on them, and any income
derived from them from time to time (including any profit made in
the sale or exchange thereof) shall be and are hereby declared to
be at all times exempt from State, county, municipal or other
taxation of every kind and nature whatsoever within the State of
Maryland.

SECTION 9. AND BE FURTHER ENACTED, That the authority to
borrow money and issue bonds conferred on the County by this Act
shall be deemed to provide an additional, alternative, and
supplemental authority for borrowing money and shall be regarded
as supplemental and additional to powers conferred upon the
County by other laws and shall not be regarded as in derogation
of any power now existing; and all Acts of the General Assembly
of Maryland heretofore enacted authorizing the County to borrow
money are hereby continued to the extent that the powers
contained in such Acts are continuing or have not heretofore
been exercised, and nothing herein contained shall be construed
to impair, in any way whatsoever, the validity of any bonds which
may have been issued by the County under the authority of any of
such Acts, and the validity of such bonds is hereby ratified,
confirmed and approved. This Act, being necessary for the
welfare of the inhabitants of the County, shall be liberally
construed to effect the purposes hereof. All Acts and parts of
Acts inconsistent with the provisions of this Act are hereby
repealed to the extent of such inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1986.

May 27, 1986

The Honorable Melvin A. Steinberg

President of the Senate

State House

Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 935.

This bill provides that any loan made by the City of
Baltimore out of the enterprise development fund, if made from
the proceeds of a bond issue, may not bear interest at a rate
that would cause the bonds to be arbitrage bonds for federal
income tax purposes.