332                                  LAWS OF MARYLAND                         [CH. 100

succeeding year thereafter, the Board of Public Works shall ascertain
as a fact upon a certified statement rendered to such Board by the
State Comptroller that part but not all of the payments of principal
and interest due and payable in that preceding year on the bonds or
Certificates of Indebtedness issued pursuant to this Section have
been paid, or that part but not all of the funds required to meet all
payments of principal and interest due on such bonds or Certificates
of Indebtedness in the said current year have been received and set
aside for that purpose, from the proceeds of the tax imposed under
provisions of the said Section 288 (f) of Article 81. In such event,
and upon the ascertainment of such fact by the Board of Public
Works, the Governor shall by proclamation issued pursuant to a
resolution of the Board of Public Works publicly declare that only so
much of the State taxes provided for in this Sub-section (g) shall be
levied or collected in the current year as shall be necessary to make up
the amount necessary to meet all payments of principal and interest
due on the said bonds or Certificates of Indebtedness in the preceding
year, after making allowance for collections in such year from the
proceeds of the tax imposed under provisions of said Section 288 (f)
and from any previous levy of the tax provided for in this Subsection
(g), and to meet all payments of principal and interest due on said
bonds or Certificates of Indebtedness in the current year after making
allowance for estimated collections in the current year from the pro-
ceeds of the tax imposed by said Section 288 (f).

Any taxes collected to pay the principal of or interest on said bonds
or Certificates of Indebtedness, as hereinabove in this Sub-section
(g) provided, shall be paid over by the State Comptroller, on or be-
fore the 15th day of January of the year following the year in which
such taxes are collected, to the State Treasurer, to be credited to the
Annuity Bond Fund, for the payment of principal of and interest on
such bonds or Certificates of Indebtedness.

(h) Until all of the bonds or Certificates of Indebtedness issued
under the provisions of this section, and the interest thereon, shall be
paid or provision for such payment shall be made, the proceeds of so
much of the tax on the net income of certain corporations as imposed
by Section 288 (f) of Article 81 of the Annotated Code of Maryland
(1957 Edition, as amended) received in each year as is required to
make the principal and interest payments due in that year (to the
extent not previously set aside) and in the next succeeding year shall
be set aside by the State Treasurer in the Annuity Bond Fund for the
purpose of making such principal and interest payments. The balance
of the proceeds of such tax, if any, shall be deposited to the credit of
the Maryland Port Authority Fund, created by said Section 288 (f).

(i) All matters committed by this section to the discretion of the
Board of Public Works shall be determined by a majority of said
Board.

(j) In anticipation of the receipt of the proceeds of the sale of the
bonds or Certificates of Indebtedness authorized by this Section, the
Authority may borrow money at one time or from time to time in
an amount not exceeding the estimated tax revenue to be received
from the proceeds of the tax upon the net income of certain corpora-
tions imposed by Section 288 (f) of Article 81 of the Annotated Code
of Maryland (1957 Edition, as amended) within the following twelve
months, for the purpose for which said bonds or Certificates of