1114                            LAWS OF MARYLAND                     [CH. 436

OR CERTIFICATES OF INDEBTEDNESS IN THE PRECEDING
YEAR, AFTER MAKING ALLOWANCE FOR COLLECTIONS IN
SUCH YEAR FROM THE PROCEEDS OF THE TAX IMPOSED
UNDER PROVISIONS OF SAID SECTION 208 AND TO MEET
ALL PAYMENTS OF PRINCIPAL AND INTEREST DUE ON
SAID BONDS OR CERTIFICATES OF INDEBTEDNESS IN THE
CURRENT YEAR AFTER MAKING ALLOWANCE FOR ESTI-
MATED COLLECTIONS IN THE CURRENT YEAR FROM THE
PROCEEDS OF THE TAX IMPOSED BY SAID SECTION 208.

ANY TAXES COLLECTED TO PAY THE PRINCIPAL OF OR
INTEREST ON SAID BONDS OR CERTIFICATES OF IN-
DEBTEDNESS, AS HEREINABOVE IN THIS SECTION PRO-
VIDED, SHALL BE CREDITED BY THE STATE COMPTROL-
LER, ON OR BEFORE THE 15TH DAY OF APRIL OF THE
YEAR FOLLOWING THE YEAR IN WHICH SUCH TAXES ARE
COLLECTED, TO A SPECIAL FUND ACCOUNT AS PROVIDED
FOR IN SECTION 9 IN THIS ACT, AND AS MUCH AS IS
REQUIRED FOR THE PAYMENT OF PRINCIPAL AND IN-
TEREST ON CERTIFICATES OF INDEBTEDNESS SHALL BE
TRANSFERRED TO THE ANNUITY BOND FUND.

UNTIL ALL OF THE BONDS OR CERTIFICATES OF IN-
DEBTEDNESS ISSUED UNDER THE PROVISIONS OF THIS
SECTION, AND THE INTEREST THEREON, SHALL BE PAID
OR PROVISION OF SUCH PAYMENT SHALL BE MADE, THE
PROCEEDS OF SO MUCH OF THE PREMIUM RECEIPTS TAX
AS IMPOSED BY SECTION 208 OF ARTICLE 46A 48A OF THE
ANNOTATED CODE OF MARYLAND AS SET FORTH IN
SECTION 9 OF THIS ACT, RECEIVED IN EACH YEAR AS IT
REQUIRED TO MAKE THE PRINCIPAL AND INTEREST PAY-
MENTS DUE IN THAT YEAR (TO THE EXTENT NOT PRE-
VIOUSLY SET ASIDE) AND IN THE NEXT SUCCEEDING
YEAR SHALL BE SET ASIDE BY THE STATE COMPTROLLER
AND TRANSFERRED TO THE ANNUITY BOND FUND FOR
THE PURPOSE OF MAKING SUCH PRINCIPAL AND INTER-
EST PAYMENTS. THE BALANCE OF THE PROCEEDS OF
SUCH TAX, IF ANY, SHALL REMAIN IN THE SPECIAL FUND
ON THE BOOKS OF THE STATE COMPTROLLER FOR THE
PURPOSES OF THE MARYLAND INSURANCE DEVELOP-
MENT FUND.

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

Sec. 8. And be it further enacted, That, if any portion (word,
sentence, paragraph, proviso or section) of this Act shall be held
invalid for any reason, the remaining provisions shall remain in full
force and effect, and such invalid portion shall be considered severed
and deleted from this Act.

Sec. 9. And be it further enacted, That Section 208 (a) of Article
48A of the Annotated Code of Maryland (1968 Replacement Volume
and 1968 Supplement), title "Insurance Code," subtitle "14. Unau-
thorized Insurers," be and it is hereby repealed and re-enacted, with
amendments, to read as follows: