VETOES

obligations of the Authority, the principal of, premium, if any,
and interest on which are payable solely (except for bond
anticipation notes and notes in the nature of commercial paper)
from revenues or moneys to be received in connection with the
financing or refinancing of a facility or from any other moneys
made available to the Authority for such purpose. Neither the
bonds issued by the Authority nor the interest thereon shall ever
constitute an indebtedness or a charge against the general credit
or taxing powers of the State, the Department, the Authority or
any other public body within the meaning of any constitutional or
charter provision or statutory limitation and neither shall ever
constitute or give rise to any pecuniary liability of the State,
the Department, the Authority or any other public body. Each
bond issued by the Authority, on its face, may plainly state that
it has been issued under the provisions of the Maryland Economic
Development Revenue Bond Act and that it does not constitute an
indebtedness to which the faith and credit of the State, the
Department, the Authority or any other public body is pledged.

(g) Bonds issued by the Authority shall be exempt from
taxation by the State and by its several counties and
municipalities as provided in the Maryland Economic Development
Revenue Bond Act.

(h) Facilities financed with the proceeds of bonds issued
by the Authority are not subject to the requirements of any law
regarding competitive bidding.

(I) IF THE FACILITY TO BE FINANCED WITH THE PROCEEDS OF
BONDS TO BE ISSUED BY THE AUTHORITY IS LOCATED OUTSIDE OF THE
STATE BUT IS ASSOCIATED WITH A LIBRARY OR EDUCATIONAL FACILITY
LOCATED IN THE STATE AND INTEREST ON THE BONDS IS TO BE
EXCLUDABLE FROM GROSS INCOME FOR PURPOSES OF FEDERAL INCOME
TAXATION, BETWEEN JULY 1, 1988 AND JUNE 30, 1991 NO RESOLUTION
DESCRIBED IN SUBSECTION (E) OF THIS SECTION NEED BE ADOPTED BY
ANY LOCAL LEGISLATIVE BODY UNLESS REQUIRED BY FEDERAL TAX LAW.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1988. It shall remain effective for a period
of three years and, at the end of June 30, 1991, and with no
further action required by the General Assembly, this Act shall
be abrogated and of no further force and effect.

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