WILLIAM DONALD SCHAEFER, Governor                         Ch. 266

(5) interest excluded from federal gross income under § 103 of the Internal
Revenue Code and derived from a bond:

(i) issued by a state or a public corporation, special district, political
subdivision of a state or their instrumentalities; or

(ii) under § 150 of the Internal Revenue Code, treated as a bond
issued by a state or a public corporation, special district, or political subdivision of a state
or their instrumentalities.

(C) A FINANCIAL INSTITUTION SHALL SUBTRACT FROM ITS NET EARNINGS
COMPUTED UNDER SUBSECTION (A) OF THIS SECTION INTEREST EXPENSE
INCURRED TO PURCHASE OR CARRY A BOND AS DEFINED IN SUBSECTION (B)(5) OF
THIS SECTION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take effect
October 1, 1994.

Approved May 2, 1994.

CHAPTER 266
(House Bill 427)

AN ACT concerning

State Personnel - Advanced and Extended Sick Leave

FOR the purpose of transferring the authority to grant advanced or extended sick leave
from the Secretary of Personnel to certain appointing authorities; providing that the
Secretary of Personnel may approve certain sick leave for certain employees under
certain circumstances; authorizing the Secretary of Personnel to make certain audits
of sick leave; and generally relating to the procedures for granting advanced and
extended sick leave for State employees.

BY repealing and reenacting, with amendments,
Article -'State Personnel and Pensions
Section 7-508 and 7-509
Annotated Code of Maryland
(1993 Volume)

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

- 1757 -