S.B. 51                                                    VETOES

Chapter 680 of the Acts of 2001

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That:

(5) Prior to the payment of any funds under the provisions of this Act for the
purposes set forth in Section 1(3) above, the grantee shall provide and expend a
matching fund. No part of the grantee's matching fund may be provided, either
directly or indirectly, from funds of the State, whether appropriated or
unappropriated. The fund may consist of real property, in kind contributions, or funds
expended prior to the effective date of this Act. In case of any dispute as to the amount
of the matching fund or what money or assets may qualify as matching funds, the
Board of Public Works shall determine the matter and the Board's decision is final.
The grantee has until June 1, [2003] 2005 2004, to present evidence satisfactory to
the Board of Public Works that a matching fund will be provided. If satisfactory
evidence is presented, the Board shall certify this fact and the amount of the
matching fund to the State Treasurer, and the proceeds of the loan equal to the
amount of the matching fund shall be expended for the purposes provided in this Act.
Any amount of the loan in excess of the amount of the matching fund certified by the
Board of Public Works shall be canceled and be of no further effect.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 2003.

May 22, 2003

The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have
vetoed Senate Bill 51 - Business and Economic Development - Maryland Small
Business Development Financing Authority - Guaranty Fund.

This bill authorizes the Maryland Small Business Development Financing Authority
to utilize its Guaranty Fund to guarantee up to 80 percent of the principal and
interest of a long-term loan made by a financial institution to an applicant to
refinance existing debt of the applicant.

House Bill 103, which was passed by the General Assembly and signed by me,
accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate
Bill 51.

Sincerely,

Robert L. Ehrlich, Jr.

Governor

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