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Session Laws, 1958
Volume 619, Page 228   View pdf image (33K)
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228                               LAWS OF MARYLAND                         [CH. 66

Sec 6. And be it further enacted, That all unexpended funds re-
maining from completed projects authorized under this Act shall
be transferred to the Annuity Bond Fund and shall be applied to
the debt service requirements of the State, said transfer to be made
one year after the date of the final acceptance of the project by the
State, said date of final acceptance to be certified in writing to the
Board of Public Works by the Department of Public Improvements.

Sec 7. And be it further enacted, That no department, board,
commission, agency or institution specified or named in this Act
shall begin any work with funds secured pursuant to the provisions
of this Act unless satisfactory assurances are made to the Board
of Public Works that the work described in the individual items in
this Act can be completed with the funds specified for each such
item respectively.

Sec 8. And be it further enacted, That if any projects listed in
this Act shall not have been contracted for within two years from
the effective date of this Act, then such project shall be deemed to
have been abandoned. If the total loan authorized herein shall have
been issued within two years from the effective date of this Act, then
the amount specified herein for said abandoned project shall be
transferred to the Annuity Bond Fund and shall be applied to the
debt service requirements of the State. If, however, the total loan
authorized herein shall not have been issued within two years from
the effective date of this Act, then the total issuable Certificates of
Indebtedness authorized herein shall be reduced by the amount
specified herein for said abandoned project.

Sec 9. And be it further enacted, That until all of the interest
on and principal of any certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each $100 of assessable property at the rate to be determined in
the following manner: on or before December 1, 1958, and on or be-
fore December 1 in each calendar year thereafter, the Board of Public
Works shall certify to the governing bodies of each of the Counties
and Baltimore City the rate of State tax on each $100 of assessable
property necessary to produce revenue to meet all interest and prin-
cipal which will be payable to the close of the next ensuing calendar
year on all certificates theretofore issued or theretofore authorized
by resolution of the Board of Public Works to be issued, and the
governing bodies of each of the Counties and Baltimore City shall
forthwith levy and collect such tax at such rate; provided, the cost
of paying the principal and interest on bonds issued to pay the cost
of capital improvements for the Department of Maryland State
Police AND FOR THE DEPARTMENT OF MOTOR VEHICLES
as set out herein shall be paid from the fines and other receipts
of the Department of Motor Vehicles provided in Section 303
of Article 66 1/2 of the Annotated Code of Maryland (1957 Supp.),
and the cost of debt service for bonds issued for these purposes shall
not be included by the Board of Public Works in determining the tax
rate under the provisions of this Section unless the revenues from
the fines and other receipts of said Department of Motor Vehicles
be insufficient to provide necessary funds to pay the principal and
interest on such bonds.

 

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Session Laws, 1958
Volume 619, Page 228   View pdf image (33K)
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