Theodore R. McKeldin, Governor                    283

162B1. Maximum amounts issuable in four-year periods; annual
expenditures for emergency projects; reports.

The Commission during the four program years next succeeding
the effective date of this sub-title, shall not issue, in the aggregate,
from the State Highway construction bond issue provided for in
this sub-title an amount of said bonds in excess of the amount neces-
sary to supplement construction funds available to finance the acqui-
sition of lands and rights of way required for the circumferential
highway around Baltimore City, sometimes referred to as the Balti-
more County Beltway, located in Baltimore County, at a cost not to
exceed seven million ($7,000,000.00) dollars, and the State Roads
Commission may authorize expenditures during any fiscal year to
the extent of $1,500,000.00 for the construction and/or reconstruc-
tion of State highway system projects of an emergency nature due
to storm and flood damage and other unforeseen causes, of channeli-
zation made necessary by increased traffic volumes, and of new
installation of traffic lights and signs, and for engineering and
right of way acquisitions for project included in the Twelve-Year
Road Program that are not comprehended in the then current four-
year period in which the Commission is engaged; provided that dur-
ing such a fiscal year the budgeted revenues of the State Roads Com-
mission from the 50% share of the Gasoline Tax Fund, the excise
tax on certificates of title to motor vehicles and the 50% share of
the Motor Vehicle Revenue Fund, together with federal aid appro-
priations of the then current year for the State highway system, are
in excess (at least to the extent of such authorized expenditures) of
the total estimates of such revenues as shown in the proposed Twelve-
Year Program for Road Construction and Reconstruction dated
October 27, 1952. The total road mileage of additional construction
that may be authorized under the provisions of this section shall not
be limited or added to the mileage set forth in the Twelve-Year Con-
struction and Reconstruction Program. Nothing herein shall be
deemed to permit the State Roads Commission to diminish the sink-
ing fund provision necessary to pay the principal of and interest on
State Highway construction bonds, and the proposed road program
during the first four program years, as said program costs are set
forth in the document entitled "Road Construction and Reconstruc-
tion in the Proposed Twelve-Year Program", and dated October 27,
1952, copies of which document shall be signed on the front thereof
by the chairman of the State Roads Commission and shall be filed
with each of the following: The Secretary of the State of Maryland,
the clerk of the Court of Appeals of Maryland, the Department of
Legislative Reference of Maryland and the secretary of the State
Roads Commission of Maryland; provided, however, the State Roads
Commission shall at no one time issue bonds in an amount greater
than $25,000,000.00, and further provided that no bonds shall be
issued until the cash balance in the Commission's Construction Fund
is below $25,000,000.00 prior to the end of the four-year period next
succeeding the effective date of this sub-title, i.e. on or before the
31st day of January during the 1957 session of the General Assembly,
the State Roads Commission shall present to the Governor of the
State and to the General Assembly, a report of the receipts and dis-
bursements of the Commission from the effective date of this sub-
title to December 31, 1956. Said report shall also include a summary
of the program progress through December 31, 1956. After legisla-
tive review of the December 31, 1956, report, and such other legisla-
tive inquiry as may be deemed appropriate, the General Assembly