3318 ARTICLE 89B

evidences of indebtedness shall be deemed to be an obligation or debt of
the State of Maryland or a pledge of the faith and credit of said State,
but the said indebtedness so evidenced shall be payable exclusively from
the revenue from truck licenses and franchise taxes and from the revenue
from the gas tax as hereinafter provided for or out of such monies as shall
be duly appropriated from time to time for that purpose by the General
Assembly of Maryland.

1935, ch. 563, sec. 78.

99. The money borrowed pursuant to the terms of this sub-title, or the
proceeds from the sale of any promissory notes, bonds or other evidences of
indebtedness under the provisions of this sub-title, shall be paid to the
Treasurer of Maryland upon the warrant of the Comptroller of Maryland,
and so much thereof as may be necessary shall be paid by the Treasurer
of the State, upon the warrant of the Comptroller, out of the proceeds of
such sale, for the payment of the expense of engraving, printing, and other-
outlay in connection with the said loan or said issue of securities, and all
other incidental expenses in connection therewith. The balance of the said
proceeds shall be expended by the State Roads Commission for the con-
struction, reconstruction, relocation, widening and improving of State
Roads and Bridges within the boundaries of the State of Maryland.

1935, ch. 563, sec. 79. 1937, ch. 508, sec. 82.

100. 'There shall be laid and collected an annual tax sufficient to pay
the principal of and interest on the said promissory notes, bonds or other
evidences of indebtedness issued pursuant to the provisions of this sub-
title as the same shall fall due. Such annual tax shall consist of such part
of the license fees and franchise taxes with respect to trucks and com-
mercial vehicles required to be paid by Article 56 of the Code of Public
General Laws of Maryland (after deducting therefrom so much thereof
as shall be necessary to pay the interest on and principal of the series of
$4,000,000 of State Roads Commission 4% Bonds issued pursuant to the
provisions of Sections 88 to 93, both inclusive, of said Article 89B as
enacted by Chapter 463 of the Acts of the General Assembly of Maryland
at its 1933 regular session, as amended by Chapter 93 of the Acts of said
General Assembly at its 1933 extraordinary session) and such part of pne
and four tenths mills (.0014c) of the two cents (2c) gasoline tax required
to be paid pursuant to the provisions of Section 241 of Article 56 of the
Code of Public General Laws of Maryland (the proceeds of said one and
four-tenths mills (.0014c) tax is estimated to produce $266,000 of revenue
each year), as shall be necessary to pay such interest and principal as it
falls due, and to provide for the creation and maintenance of a reserve
fund of not less than $150,000, such reserve fund to be kept separate from
other funds of the State and to be used for the payment of such interest
and principal in the event that funds otherwise provided for herein shall
prove unavailable or insufficient. Such annual tax shall amount to not less
than $250,000 per year and shall not be repealed, diminished or applied
to any other object until the debt incurred under this sub-title and interest
thereon, shall be fully discharged. Provided, however, that in the event
the Commission shall issue refunding bonds pursuant to the provisions of
Sections 141 to 147 of this Article, there shall be deducted from such
annual tax the amount necessary to pay the principal of and interest on