1330                             Laws of Maryland                       [Ch. 741

petitions from municipalities in this State, and for the consideration
of the petitions and disbursing of the funds to the petitioning munic-
ipalities, within the spirit and intent of this Act.

SEC. 6. And be it further enacted, That there shall be levied and

collected and annual tax sufficient to pay the principal of and the
interest on the Certificates issued pursuant to the provisions of this

Act, as the same shall fall due, and said tax shall consist of such

part of the inheritance tax, as the rate of 1% on direct inheritances,
and 7½% on collateral inheritances, required to be paid by Sections
148 and 149 of Article 81 of the Annotated Code of Maryland (1951
Edition) as shall be necessary to pay such interest and principal as

it falls due and to provide a reserve fund of not less than Two Hun-

dred and Fifty-Thousand Dollars ($250,000), such reserve fund to

be used for the payment of such interest and principal in the event

that funds otherwise provided for herein shall prove to be insuffi-

cient. The Board of Public Works shall have authority to invest said

reserve fund in general obligations of the State of Maryland or of

the United States of America, and to sell the same whenever it shall

be deemed necessary or advisable.

Sec. 7. 6. And be it further enacted, That until all of the interest
on and principals of any Certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each One Hundred Dollars ($100.00) of assessable property at
the rate to be determined in the following manner: On or before
December 1, 1957, and on or before December 1st of each calendar
year thereafter, the Board of Public Works shall certify to the gov-
erning bodies of each of the Counties and of Baltimore City the
rate of State tax on each One Hundred Dollars ($100.00) of assess-
able property necessary to produce revenue to meet all interest and
principal 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 a tax at such a rate; provided,

however, that the levy or levies authorized and directed in this
section shall not be made, and said tax or taxes shall not be collected

in any year, if, before January 1, 1958, and before the beginning of

each year thereafter, the Board of Public Works shall ascertain

a fact that all payments of principal and interest have been met

during the current year, and that the reserve fund provided in the

preceding section is unimpaired. Upon the ascertaining of such facts

by the Board of Public Works, the Governor shall, by proclamation

issued pursuant to a Resolution of the Board of Public Works, pub-

licly declared that the State taxes provided for in this section shall
not be collected or levied in any such succeeding year. SHALL
FORTHWITH LEVY AND COLLECT SUCH A TAX AT SUCH A
RATE.

ALL MATTERS COMMITTED BY THIS ACT TO THE DIS-
CRETION OF THE BOARD OF PUBLIC WORKS SHALL BE
DETERMINED BY A MAJORITY OF SAID BOARD.

Sec. 8. And be it further enacted, That this Act shall take effect
June 1, 1957.

Approved April 15, 1957.