VETOES

bonds to continue the exemption of interest earned on the bonds
from the federal income tax.

House Bill 1464, which was passed by the General Assembly
and signed by me on June 2, 1987, accomplishes the same purpose.
Therefore, it is not necessary for me to sign Senate Bill 1007.

Sincerely,

William Donald Schaefer

Governor

Senate Bill No. 1007

AN ACT concerning

State General Obligation Bonds - Administration, Management,
Investment, Accounting of Bond Proceeds and Rebate Payments

FOR the purpose of directing the Treasurer and the Comptroller to
take certain actions with respect to the administration,
management, investment and accounting of the proceeds of
State general obligation bonds and to maintain certain
records and make certain filings; directing the Treasurer to
establish and maintain a separate rebate fund and to make
required rebate payments to the United States from the
rebate fund; providing that amounts deposited to the rebate
fund shall be used only for the purpose of making rebate
payments; providing that nothing in this Section Act shall
prevent the Board of Public Works from authorizing the
issuance and sale of State general obligation bonds, the
interest on which is not excludable from gross income for
federal income tax purposes; defining terms; and making this
Act an emergency measure.

BY adding to

Article - State Finance and Procurement

Section 8-130

Annotated Code of Maryland

(1985 Volume and 1986 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article - State Finance and Procurement

8-130.

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