HARRY W. NICE, GOVERNOR. 697

of the bonds; provided, however, that no bond issued under
the provisions of this sub-title shall be made redeemable at a
greater amount than the principal thereof plus accrued in-
terest to the date of redemption, plus a premium of five (5%)
per centum of the principal thereof. No bonds issued under
the provisions of this sub-title shall be sold by the Commission
for less than the par or face value thereof.

125. The refunding bonds issued under the provisions of
this sub-title shall be exempt from assessment and from State,
County and Municipal taxes in Maryland. None of the bonds
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 principal and interest of such refunding bonds shall
be payable exclusively from the revenues received by the Com-
mission from truck licenses, franchise taxes and a part of
the gasoline tax, as hereinafter provided, or out of such monies
as shall be duly appropriated from time to time for that pur-
pose by the General Assembly of Maryland.

126. The proceeds derived from the sale of such refunding
bonds shall be used exclusively for the purposes for which the
bonds shall be authorized and for paying the cost of engraving
or printing the bonds and all other incidental costs and ex-
penses connected with the issuance of such bonds.

127. While any of such refunding bonds shall be outstand-
ing, there shall be laid and collected an annual tax sufficient
to pay the principal of and the interest on the bonds 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 commercial vehicles required to be paid pursuant
to the provisions of Article 56 of the Code of Public General
Laws of Maryland, and such part of one and four-tenth mills
l. 0014c) of the two cent (2c) gasoline tax required to be paid
pursuant to the provisions of Section 82 of Article 89B of the
Code of Public General Laws of Maryland, as shall be neces-
sary to pay the principal and interest of such refunding bonds
as the same shall fall due, and to provide for the creation and
maintenance of a reserve fund of not less than $345, 000, such
reserve fund to be kept separate from other funds of the State
and to be used for the payment of such principal and interest
in the event that funds otherwise provided for herein shall
prove unavailable or insufficient. Such annual tax as derived
from the above mentioned license fees and franchise taxes
shall amount to not less than $600, 000 per year, and as de-
rived from the above mentioned part of the gasoline tax shall
amount to not less than $250, 000 per year, and such annual
taxes shall not be repealed, diminished or applied to any other