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Session Laws, 1945
Volume 589, Page 885   View pdf image (33K)
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HERBERT R. O'CONOR,. GOVERNOR. 885

the warrant of the Comptroller and shall be paid out by
the Treasurer upon the order of the Commission solely for
the payment of those obligations incurred for the purposes
set forth in Section 140-N of this Article.

140-T. To provide for the annual payment of interest
and principal, as the same fall due, the State Roads Com-
mission of Maryland is directed to maintain at all times
from its share of the One-half Cent (1/2c) Grade Elimina-
tion Gasoline Tax in the hands of the Treasurer of Mary-
land, a cash balance sufficient to pay all interest require-
ments and principal maturities falling due during the suc-
ceeding twelve (12) months period, on those bonds author-
ized and issued pursuant to Sections 140-N to 140-U, both
inclusive, of this Article. To that end there is hereby laid
an annual Tax. Such annual Tax shall consist of such part
of the share of the One-half Cent (1/2c) Gasoline Tax pay-
able to the Commission, under Section 2 of this Act, as shall
be necessary to maintain the aforesaid cash balance as
above provided. To the extent required by Sections 140-A
to 140-M, both inclusive, of this Article, and as required
by Sections 140-N to 140-U, both inclusive, of this Article,
such Tax shall not be repealed, diminished or applied to any
other object until the debt represented by the Revenue
Bonds and interest thereon, as authorized by said Sections
140-A to 140-M, both inclusive, of Article 89B of the Anno-
tated Code of Maryland, and until the debt represented by
the bonds and interest thereon, as authorized by Sections
140-N to 140-U, both inclusive, of Article 89B of the Anno-
tated Code of Maryland, shall be fully discharged. Except
to the extent that the aforesaid Tax is pledged for the
security of the two issues of bonds, as immediately herein-
above referred to, the bonds shall constitute obligations
solely of the Commission and shall not constitute debts of
the State of Maryland or a pledge of the faith and credit
of the State.

140-U. As long as any bonds issued hereunder are out-
standing, the Commission shall not enter into any commit-
ment under the authority granted it by Chapter 356 of the
Acts of 1937 for the construction of a, bridge across the
Chesapeake Bay from a point in Anne Arundel County at
or near Sandy Point to a point approximately opposite on
Kent Island, unless concurrently therewith or prior thereto
adequate provision is, or has been, made for the redemp-
tion and retirement of all such outstanding bonds.

SEC. 2, And be it further enacted, That Section 242 of
Article 5£ of the Annotated Code of Maryland (1939 Edi-
tion), title "Licenses", sub-title "Gasoline Tax", be and the

 

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Session Laws, 1945
Volume 589, Page 885   View pdf image (33K)
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