VETOES

(I)  THE GENERAL IMPACT OF THE PROGRAM;

(II)  THE NUMBER OF ELIGIBLE SUBSCRIBERS
PARTICIPATING;

(III)  THE AVERAGE LENGTH OF TIME ELIGIBLE
SUBSCRIBERS PARTICIPATE IN THE PROGRAM;

(IV)  SPECIFIC PROBLEMS IN IMPLEMENTING THE
PROGRAM; AND

(V)  ANY SUGGESTED PROGRAM ENHANCEMENTS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect January 1, 1990.

May 25, 1989

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland
Constitution, I have today vetoed Senate Bill 306.

Senate Bill 306 would place new restrictions on the authority of
the Board of Public Works and the Secretary of Transportation to
approve bond issues within their respective jurisdictions.
Specifically, the bill establishes norms for all such bond
issues: they must begin principal repayments not later than in
the third year; they must have a maturity of 15 years; and they
must provide for approximately equal payments of principal and
interest from the fifth to the fifteenth years. The Board of
Public Works may not approve any bond issue that deviates from
these norms unless the Legislative Policy Committee is afforded a
period of 45 days in which to review the proposed deviations and
to submit comments to the Board of Public Works. Review by the
Legislative Policy Committee is waived if the debt service
payments in the first 5 years would be greater than in the case
of a comparable bond issue that complies with the norms.

The same requirements for review by the Legislative Policy
Committee are applicable to transportation bonds issued by the
Department of Transportation with the approval of the Secretary
of Transportation.

- 4600 -