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