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Session Laws, 1935
Volume 579, Page 1171   View pdf image (33K)
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HARRY W. NICE, GOVERNOR. 1171

part of the license fees and franchise taxes, with respect
to trucks and commercial vehicles required to be paid
by Article 56 of the Code of Public General Laws of
Maryland (after the deduction therefrom of the portion
of said license fees and franchise taxes which are pledged
pursuant to the provisions of Section 73 of said Article
89B) and such part of one and four-tenths mills (. 0014c)
of the two cent (2c) gasoline tax required to be paid
pursuant to the provisions of Section 212 of Article 56
of the Code of Public General Laws of Maryland (the
proceeds of said one and four-tenths mills (. 0014c) is
estimated to produce $266, 000 of revenue each year. ), as
shall be necessary to pay the principal of and interest on
said obligations as they fall due, and to provide a reserve
fund of $150, 000; to provide that such annual
tax shall not be repealed, diminished or applied
to any other object until such indebtedness, and
interest thereon, shall be discharged; to provide for the
creation of a reserve fund; to authorize and empower
the State Roads Commission to levy tolls on bridges now
erected or to be erected on the State roads system and to
pledge such tolls to the payment of money borrowed by
the State Roads Commission under the provisions of this
Act, together with interest thereon; to provide that such
evidences of indebtedness, and the interest payable there-
on, shall be and remain exempt from assessment, and
from State, County and City taxation in Maryland; and
to provide that the said evidences of indebtedness shall
not be deemed obligations or debts of the State or pledges
of the full faith and credit of the State of Maryland.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That six new sections be, and the same are here-
by, added to Article 89B of the Code of Public General Laws
of Maryland, as enacted by Chapter 539 of the Acts of the
General Assembly of Maryland at its 1931 session, title
"State Roads, " said new sections to follow immediately
after Section 74 of the said Article, as enacted by Chapter
463 of the Acts of the General Assembly of Maryland at
its 1933 regular session, to be known as Sections 75, 76, 77,
78, 79 and 80 and to read as follows:

75. The State Roads Commission of Maryland is hereby
authorized and empowered to borrow from time to time
from any person, firm or corporation, including the Govern-
ment of the United States or any agency thereof, a sum or
sums of money not to exceed, in the aggregate, the sum

 

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Session Laws, 1935
Volume 579, Page 1171   View pdf image (33K)
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