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MARVIN MANDEL, Governor 2625
levied or collected in the said taxable year.
Provided, further, however, that the levy or levies
provided under this section to be made in any year shall
be made only in part, and the said tax or taxes shall be
collected only in part, if before May 1 of the preceding
year, or before May 1 of any succeeding year thereafter,
the Board of Public works shall ascertain as a fact upon
a certified statement rendered to such Board by the State
Comptroller that part but not all of the payments of
principal and interest due and payable in that preceding
year on the bonds or Certificates of Indebtedness issued
pursuant to this Act have been paid, or that part but not
all of the funds required to meet all payments of
principal and interest due on such bonds or Certificates
of Indebtedness in that fiscal year for which the tax
imposed by this section is to be levied have been
received and set aside for that purpose, from the
proceeds of the tax imposed under provisions of the said
Section 278A of Article 81 as set forth in Section 10 of
this Act. In such event, and upon the ascertainment of
such fact by the Board of Public Works, the Governor
shall by proclamation issued pursuant to a resolution of
the Board of Public Works publicly declare that only so
much of the State taxes provided for in this section
shall be levied or collected in the current year as shall
be necessary to make up the amount necessary to meet all
payments of principal and interest due on the said bonds
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 278A and from any previous levy of the tax
provided for in this section, 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 estimated collections in the current year
from the proceeds of the tax imposed by said Section
278A.
Any taxes collected to pay the principal of or
interest on said bonds or Certificates of Indebtedness,
as hereinabove in this section provided, shall be
credited by the State Comptroller 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 10 in this Act, and as much as is
required for the payment of principal of and interest on
such bonds or Certificates of Indebtedness shall be
transferred to the Annuity Bond Fund.
Until all or the bonds or Certificates of
Indebtedness issued under the provisions of this Act and
the interest thereon, shall be paid or provision of such
payment shall be made, the proceeds of so much of the tax
on written instruments as imposed by Section 278A of
Article 81 of the Annotated Code of Maryland as set forth
in Section 10 of this Act, received in each year as is
required to make the principal and interest payments due
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