Ch. 246                      LAWS OF MARYLAND

(II) MAINTAIN THE EXCLUSION FROM GROSS INCOME
FOR FEDERAL INCOME TAX PURPOSES OF INTEREST ON THE BONDS.

(6)(5) ANY EXCESS MONEYS HELD IN THE REBATE FUND
WITH RESPECT TO AN ISSUE OF BONDS AFTER ALL REQUIRED REBATE
PAYMENTS FOR THAT ISSUE HAVE BEEN MADE, AS CERTIFIED BY THE
FINANCIAL OFFICER, SHALL BE APPLIED IN A MANNER CONSISTENT WITH
THE CODE.

(F) THE FINANCIAL OFFICER MAY PREPARE AND FILE FROM TIME TO

TIME WITH THE APPROPRIATE AGENCY OF THE UNITED STATES ANY FORMS,

INFORMATION, AND REPORTS WITH RESPECT TO THE BONDS AND THE

EXPENDITURE AND INVESTMENT OF PROCEEDS THAT MAY BE REQUIRED UNDER

THE CODE.

    (G) THE FINANCIAL OFFICER AND OTHER OFFICERS OF A STATE
UNIT MAY:

(1) TAKE ANY OTHER OR FURTHER ACTIONS;

        (2) ENTER INTO ANY AGREEMENT OR COVENANT REGARDING

THE USE OF PROCEEDS, INCLUDING ANY INVESTMENT EARNINGS ON

PROCEEDS,   THE DEPOSIT OF MONEYS TO THE REBATE FUND AND THE MAKING

OF REBATE PAYMENTS; AND

(3) PROVIDE CERTIFICATIONS OF FACTS AND ESTIMATES,

THAT MAY, BE NECESSARY OR APPROPRIATE FROM TIME TO TIME TO COMPLY

WITH THE CODE AND TO ESTABLISH OR MAINTAIN THE EXCLUSION FROM

GROSS INCOME FOR FEDERAL INCOME TAX PURPOSES OF INTEREST ON THE

BONDS.

(H) NOTHING IN THIS SECTION SHALL PREVENT THE STATE UNIT
FROM AUTHORIZING THE ISSUANCE AND SALE OF BONDS THE INTEREST ON

WHICH IS NOT EXCLUDABLE FROM GROSS INCOME FOR FEDERAL INCOME TAX

PURPOSES.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act is
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, it shall take effect from the date of its passage.

Approved April 29, 1987.

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