H.B. 108                                                 VETOES

SECTION 4. AND BE IT FURTHER ENACTED, That, in order to make the
transition to semiannual property tax payment and collection systems efficient and
effective, it is the intent of the General Assembly that the counties work cooperatively
with each other and with the municipal corporations to modify their property tax-
collection data processing and related management systems, and that to the extent
feasible, resources, systems, and technology should be shared to minimize costs.

SECTION 5. AND BE IT FURTHER ENACTED, That Section 1 of this Act shall
take effect July 1, 1995 4996 1995 and shall be applicable to all tax years beginning after
June 30, 1996. 1997 1996, contingent on the appropriation of $2,800,000 at least
$2,700,000 in the supplemental budget for Fiscal Year 1996 to the counties and
municipalities to reimburse for costs incurred to modify computerized property tax billing
and collection systems to comply with the provisions of Section 1 of this Act.

SECTION 6. AND BE IT FURTHER ENACTED, That Sections 2, 3 and 4 Section
2 of this Act shall take effect July 1, 1996 September 1, 1995.

SECTION 7. AND BE IT FURTHER ENACTED, That Sections 3 and 4 of this Act
shall take effect June 1, 1995.

May 24, 1995

The Honorable Casper R. Taylor, Jr.
Speaker of the House of Delegates
State House
Annapolis MD 21401

Dear Mr. Speaker:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed House Bill 108.

This bill requires the State Treasurer, after consultation with local government officials,
to adopt by emergency regulation local government guidelines that state the type of
investments in which public funds may be invested, provide guidance for the prudent
investment of public funds on cash flow projections, income, liquidity, investment ratings
and risk, prohibit borrowing of funds for the express purpose of investing those funds, and
design a form that is adaptable to the investment needs of each "local government unit."

Senate Bill 86, which was passed by the General Assembly and signed by me on May 9,
1995, accomplishes the same purpose. Therefore, it is not necessary for me to sign House
Bill 108.

Sincerely,

Parris N. Glendening

Governor

House Bill No. 108

AN ACT concerning

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