HARRY HUGHES, Governor                                       3839

1.  General obligation bond issue out of
which the loan is made with respect to a loan made from the
proceeds of a general obligation bond issue; or

2.  Most recent general obligation bond
issue of the City preceding approval of the application for the
loan with respect to a loan made from sources other than general
obligation bond proceeds]; and

(ii) A loan shall mature at a date no later
than 10 years following the date on which the first funds are
advanced to the enterprise.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 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 946.

This bill alters the name of the Maryland Credit Union
Insurance Corporation to be the Credit Union Insurance
Corporation. It also sets limits on the amount of insurance for
credit union accounts, limits the State's liability for the
Corporation and restricts credit unions from terminating certain
insurance coverage.

Both the Bank Commissioner and the Attorney General have
pointed out in letters to me that the title to Senate Bill 946
does not refer to a provision in the body of this bill relating
to investment activities of credit unions. In addition, the
amendments in the bill to § 7-104 of the Financial Institutions
Article of the Annotated Code of Maryland contain a punctuation
error that creates some doubt about the intended purpose of the
amendment.

House Bill 1220, which was passed by the General Assembly
and signed by me on May 27, 1986, accomplishes the same purpose
without the amendment to § 7-104. Therefore, it is not necessary
for me to sign Senate Bill 946.

Sincerely,
Harry Hughes