1322 LAWS OF MARYLAND [CH. 657
costs of constructing new roads as additions to the primary
or secondary systems of the State Highway System, recon-
structing, rehabilitating or relocating existing roads, al-
ready comprising parts of said System, the acquisition of
rights of way, easements or other interests in real estate
necessary to such construction or reconstruction and the
preparation of surveys, plans and studies as may be neces-
sary for such construction or reconstruction or for the ef-
fective modernization of said State Highway System. With-
out limiting the generality of the foregoing, said proceeds
may be used to pay the costs of all or a part of a project,
as such term is defined in Section 18, as amended, of this
Article, the costs of all or a part of a parkway or freeway
authorized by Sections 164 to 170 inclusive of this Article,
and so much of the costs of any of the projects defined in
Sections 108 and 143 of this Article as cannot be financed
from the proceeds of bonds of the Commission payable as
to principal and interest solely from tolls or other special
revenues imposed and collected for the use of any such
projects.
162E. For the payment of the principal of and the interest
on the bonds issued pursuant to Section 164A 162A of
this sub-title, as such principal and interest shall become
due and payable, there shall be and is hereby laid an an-
nual tax which shall consist of the following: (a) such
amounts as may be necessary of the proceeds of the excise
tax on the issuance of certificates of title of motor vehicles
required to be paid pursuant to the provisions of Section
28 of Article 66½ of the Annotated Code of Maryland
(1951 Edition) subject to the prior deduction from said
proceeds of such sums as may be needed annually to meet
debt service on any outstanding and unpaid bonds issued
pursuant to Section 155 of this Article; (b) such amounts
as may be necessary of that portion of the Gasoline Tax
Fund, created as such by Section 124, as amended, of
Article 56 of the Annotated Code of Maryland (1951 Edi-
tion), and allocated to the Commission by Sections 19 and
20 of this Article, subject to the prior use and application
of so much of said portion as may be necessary to make
the payments provided for in Section 160 of this Article.
So long as any of the bonds issued pursuant to the authority
of Section 162A of this sub-title shall remain outstanding
and unpaid, there shall be deposited in a sinking fund to
be established by the Commission to secure the payment
of the principal and interest of said bonds, annually or
oftener as received, so much of the proceeds of the taxes
laid under this Section as shall be necessary to maintain
|
![clear space](../../../images/clear.gif) |