VETOES

PROPOSAL FOR THE BOND ISSUE SHALL BE SUBMITTED TO THE LEGISLATIVE
POLICY COMMITTEE.

(II)  PRIOR TO THE LEGISLATIVE POLICY
COMMITTEE'S REVIEW, THE DEPARTMENT OF TRANSPORTATION SHALL
PROVIDE TO THE BOARD OF PUBLIC WORKS AND THE DEPARTMENT OF FISCAL
SERVICES AN ANALYSIS OF THE DEBT SERVICE SHOWING THE BENEFITS OF
THE PROPOSED BOND ISSUE.

(III)  THE LEGISLATIVE POLICY COMMITTEE SHALL
REVIEW THE PROPOSED CONSOLIDATED TRANSPORTATION BOND ISSUE WITHIN
45 DAYS OF THE RECEIPT OF THE PROPOSAL.

(IV) IF THE LEGISLATIVE POLICY COMMITTEE AND
THE BOARD OF PUBLIC WORKS APPROVE THE PROPOSED CONSOLIDATED
TRANSPORTATION BOND ISSUE, THE DEPARTMENT OF TRANSPORTATION MAY

ISSUE THE BONDS HAVE 45 DAYS TO REVIEW THE PROPOSED CONSOLIDATED
TRANSPORTATION BOND ISSUE AND SUBMIT COMMENTS, IF ANY, TO THE
BOARD OF PUBLIC WORKS.--------------------------------------------

(2) WHERE THE ANTICIPATED DEBT SERVICE IN THE FIRST 5
YEARS IN AGGREGATE FROM THE DATE OF ISSUE FOR A PROPOSED
NONCONVENTIONALLY STRUCTURED BOND ISSUE IS MORE THAN THAT FOR A
CONVENTIONALLY STRUCTURED BOND ISSUE FOR THE SAME PERIOD, THE
DEPARTMENT OF TRANSPORTATION MAY ISSUE THE BONDS, SUBJECT TO THE
BOARD OF PUBLIC WORKS APPROVAL AS REQUIRED IN § 3-207 OF THIS
ARTICLE.

SECTION 2. AND BE IT FURTHER ENACTED, That if any provision
of this Act or the application thereof to any person or
circumstance is held invalid for any reason in a court of
competent jurisdiction, the invalidity does not affect other
provisions or any other application of this Act which can be
given effect without the invalid provision or application, and
for this purpose the provisions of this Act are declared
severable.

SECTION 2 3. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1989.

May 25, 1989

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

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