3870

VETOES

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
hereby declared to be an emergency measure and necessary for the
immediate preservation of the public health and safety and having
been passed by a yea and nay vote supported by three-fifths of
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.

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 1056.

This bill authorizes the Controller or similar official of
Baltimore City or a chartered county to invest, sell, or exchange
funds under their control which are subject to certain federal
tax law limitations in certain obligations such as bonds of
investment grade quality (as determined by a nationally
recognized rating agency).

House Bill 1853, which was passed by the General Assembly
and signed by me on April 29, 1986, accomplishes the same
purpose. Therefore, it is not necessary for me to sign Senate
Bill 1056.

Sincerely,
Harry Hughes
Governor

Senate Bill No. 1056

AN ACT concerning

Chartered Counties and Baltimore City - Investments,
Redemptions, Sales, Exchanges, and Reinvestments

FOR the purpose of authorizing the Controller, Director of
Finance, or similar official of a chartered county or
Baltimore City to invest, redeem, sell, exchange, and
reinvest certain unexpended or surplus moneys bond proceeds
and other funds in bonds, notes, or other obligations of a
certain grade issued by or on behalf of this State or any
other state or any agency, department, county, municipal or