S.B. 788

VETOES

(2)     In preparing an estimate with respect to the authorization of any new
State debt, the Committee shall take into account as part of the affordability analysis any
debt for academic facilities to be issued by a System.             

(3)     At the same time that the Committee makes its report as required under
paragraph (b) of this section, the Committee shall submit to the Governor and the
General Assembly the Committee's estimate of the amount of new bonds for academic
facilities that prudently may be authorized in the aggregate for the next fiscal year by the
University of Maryland System, Morgan State University, and St. Mary's College of
Maryland.

(4)     For purposes of this subtitle, the terms "System" and "academic
facilities" have the meanings stated in § 19-101 of the Education Article.

(5)     The Committee may request any needed information from a System and
shall consider the information in making its estimates, including any information
submitted by a System at its own initiative.

(6)     This estimate:

(i) is advisory; and

(ii) does not bind the General Assembly, the Board, or the Governor.

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

May 26, 1994

The Honorable Thomas V. Mike Miller, Jr.

President of the Senate

State House

Annapolis, Maryland 21401

Dear President Miller:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 788.

Senate Bill 788 would expand the type of obligations into which trustees may invest
minors' funds.

House Bill 1444, which was passed by the General Assembly and signed by me on May 26,
1994, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 788.

Sincerely,

William Donald Schaefer

Governor

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