PARRIS N. GLENDENING, Governor                             S.B. 455

State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, I have today
vetoed Senate Bill 455.

This bill authorizes the Carroll County Commissioners to issue up to $18.4 million in
general obligation bonds to finance the construction, improvement, or development of
public facilities, and loans for fire and emergency equipment and buildings of volunteer
fire departments in the county. The date of maturity of such bonds may not exceed 30
years.

House Bill 1117, which was passed by the General Assembly and signed by me on this
date, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 455.

Sincerely,

Parris N. Glendening

Governor

Senate Bill No. 455

AN ACT concerning

Carroll County - Public Facilities Bonds

FOR the purpose of authorizing and empowering the County Commissioners of Carroll
County, from time to time, to borrow not more than $18,400,000 in order to finance
the construction, improvement, or development of certain public facilities in Carroll
County, as herein defined, to finance fire and emergency related equipment and
buildings or other facilities of volunteer fire departments in Carroll County, and to
effect such borrowing by the issuance and sale at public or private sale of its general
obligation bonds in like par amount; authorizing and empowering the County to
make loans to the volunteer fire departments in Carroll County from proceeds of
such bonds for the purposes specified herein; empowering the County to fix and
determine, by resolution, the form, tenor, interest rate or rates or method of
determining the same, terms, conditions, maturities, and all other details incident to
the issuance and sale of the bonds; empowering the County to issue refunding bonds
for the purchase or redemption of bonds in advance of maturity; empowering and
directing the County to levy, impose, and collect, annually, ad valorem taxes in rate
and amount sufficient to provide funds for the payment of the maturing principal of
and interest on the bonds; exempting the bonds and refunding bonds and the
interest thereon and any income derived therefrom from all State, county,
municipal, and other taxation in the State of Maryland; providing that nothing in
this Act shall prevent the County from authorizing the issuance and sale of bonds
the interest on which is not excludable from gross income for federal income tax
purposes; and relating generally to the issuance and sale of such bonds.

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