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Session Laws, 1953
Volume 606, Page 1326   View pdf image (33K)
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1326 LAWS OF MARYLAND [CH. 657

ARTICLE, UNTIL AN AMOUNT EQUAL TO SUCH
DEBT SERVICE PAYABLE IN THE CURRENT AND
NEXT SUCCEEDING FISCAL YEAR SHALL HAVE
BEEN ACCUMULATED, AND THEREAFTER AN
AMOUNT EQUAL TO DEBT SERVICE ON SAID
BONDS IN EACH SUCCEEDING FISCAL YEAR, UN-
LESS SAID COUNTY SHALL ELECT TO DEPOSIT
SAID AMOUNT WITH THE STATE COMPTROLLER
PURSUANT TO SUB-PARAGRAPH (IV) HEREOF,
PROVIDED HOWEVER THAT NO PORTION OF SAID
FUNDS MAY BE SO WITHHELD THAT HAVE BEEN
PREVIOUSLY PLEDGED FOR DEBT SERVICE ON
OUTSTANDING BONDS OF SAID COUNTY, AS PRO-
VIDED IN SAID SECTION 22;

(IV) IN ANY YEAR THAT ANY OF SAID BONDS
COVERED BY SAID AGREEMENT ARE OUTSTAND-
ING, SAID COUNTY MAY MAKE AN ANNUAL LEVY
ON ITS TAXABLE BASIS IN RATE AND AMOUNT
SUFFICIENT TO PROVIDE A SUM EQUIVALENT TO
THE AMOUNT TO BE WITHHELD BY THE STATE
COMPTROLLER, AS PROVIDED IN SUB-PARAGRAPH
(III) ABOVE, IN WHICH EVENT THE STATE COMP-
TROLLER SHALL NOT WITHHOLD ANY MORE OF
SAID GASOLINE TAX FUNDS OF SAID COUNTY
THAN MAY BE NECESSARY TO ASSURE PAYMENT
OF THE PRINCIPAL AND INTEREST OF SAID
BONDS IN THE CURRENT AND NEXT SUCCEEDING
FISCAL YEAR;

(V) THE STATE COMPTROLLER SHALL AT REGU-
LAR INTERVALS PAY FROM SAID SINKING FUND
TO THE COMMISSION AMOUNTS SUFFICIENT FOR
THE PAYMENT OF THE PRINCIPAL AND INTEREST
OF SAID BONDS.

(G) NOTWITHSTANDING THE PROVISIONS OF
SAID SECTION 22 OF THIS ARTICLE FOR THE DIS-
TRIBUTION OF THE GASOLINE TAX FUND AMONG
THE COUNTIES AND MUNICIPALITIES OF THE
STATE, THE STATE COMPTROLLER IS HEREBY
FURTHER AUTHORIZED AND EMPOWERED TO
WITHHOLD AN AMOUNT SUFFICIENT TO MAKE UP
THE DEBT SERVICE ON ANY BONDS ISSUED IN
ACCORDANCE WITH AN AGREEMENT OF THE
TYPE ABOVE DESCRIBED FROM THE SHARE OF
THE GASOLINE TAX FUND PAYABLE TO MUNICI-
PALITIES WITHIN ANY COUNTY, PARTY TO SUCH
AGREEMENT, IN THE EVENT, IN ANY FISCAL


 

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Session Laws, 1953
Volume 606, Page 1326   View pdf image (33K)
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