J. MILLARD TAWES, GOVERNOR                               571

income for the last six months of the year 1956, determined by a pro
rata computation against net income for the entire year of 1956. If
the taxpayer is on a fiscal year basis, the increase in rate over that
formerly levied and imposed shall be paid upon net income for such
part of any fiscal year which follows July 1, 1956, determined by a
pro rata computation against net income for the entire fiscal year.
The tax imposed and collected pursuant to the provisions of this sub-
section shall be remitted by the Comptroller to the State Treasurer.
The State Treasurer shall first set aside in the Annuity Bond Fund
so much, if any, as shall be required to make payments of principal
and interest due in the year of receipt and in the next following year,
to the extent that such amounts have not previously been so set
aside on the bonds or Certificates of Indebtedness issued under pro-
visions of Section 8 of Article 62B of the Annotated Code of Mary-
land (1957 Edition, as amended), title "Maryland Port Authority".
Thereafter, the State Treasurer shall set aside in the Annuity Bond
Fund so much, if any, as shall be required to make payments of prin-
cipal and interest due in the year of receipt and in the next following
year, to the extent that such amounts have not previously been so
set aside on the bonds or Certificates of Indebtedness issued under
provisions of Section 8A of Article 62B of the Annotated Code of
Maryland (1957 Edition, as amended), title "Maryland Port Author-
ity". Such additional amounts, if any, as are received, shall be held
in a special fund which is hereby created and known as the "Mary-
land Port Authority Fund", said fund to be thereafter held and dis-
tributed in accordance with the provisions applicable to said fund
which are contained in Article 62B of the Annotated Code of Mary-
land, title "Maryland Port Authority." The proceeds of the tax im-
posed and collected by this sub-section shall not be paid into or
credited to the general funds of the State.

SEC. 3. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved April 24, 1961.

CHAPTER 423
(Senate Bill 478)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of Eight Million Dollars ($8,000,000), the proceeds thereof
to be used by the Maryland Port Authority for acquisition of and
improvements to certain port facilities, and providing generally
for the issue and sale of Certificates of Indebtedness evidencing
such loan.

Section 1. Be it enacted by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized, empowered
and directed, upon recommendation of the Maryland Port Authority,

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.