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Session Laws, 1965
Volume 676, Page 1248   View pdf image (33K)
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1248                            LAWS OF MARYLAND                      [CH. 793

sinking fund provided by Section 11 of this Act for the payment of
the principal of and interest on the bonds.

Notwithstanding the provisions of Section 2 of this Act to the
effect that when all of the bonds of the Authority shall have been
paid and retired, the Authority shall thereupon transfer all of its
property to the Mayor and City Council of Baltimore, and that the
Authority shall thereupon be considered automatically dissolved,
when all of the interest on and principal of all bonds issued by the
Authority hereunder shall have been paid or provision for such pay-
ment shall have been made in the event that the State of Maryland
shall have levied and collected any State tax for the payment of
interest on and principal of said bonds pursuant to the provisions
of this Section, the Authority shall continue to hold title to all of its
property and shall continue to remain in existence, and shall thence-
forth pay over to the Comptroller of the State of Maryland out of
market revenues, after deduction for the cost of maintaining, repair-
ing and operating the market, including reserves for such purposes
and for replacements, depreciation and necessary extensions, the
amount of any taxes levied and collected by the State of Maryland
for the payment of interest on and principal of said bonds. Said
payments to the State shall be without interest and shall be made on
or before February 15 of each year commencing on February 15 of
the year next succeeding the year in which all of said bonds shall
have been paid and retired, or in which provision for such payment
shall have been made, until all of said State tax shall have been repaid
to the State of Maryland. When all of said bonds shall have been
paid or retired and all of said State tax shall have been repaid to
the State of Maryland, the Authority shall thereupon promptly con-
vey all of its property and assets to the Mayor and City Council of
Baltimore and the Authority shall be considered automatically dis-
solved, as provided by Section 2 of this Act.

Chapter 51 of the Acts of 1958
9.

In addition, there shall be and is hereby levied and imposed an
annual State tax on each one hundred dollars of assessable property
at a rate to be determined in the following manner: on or before
December 1, 1958, and on or before [December] May 1 in each
[calendar] year thereafter, the Board of Public Works shall certify
to the governing bodies of each of the counties and of Baltimore City
the rate of State tax on each one hundred dollars of assessable prop-
erty necessary to produce revenue to meet all interest and principal,
if any, which will be payable to the close of the next ensuing
[calendar] taxable year on all bonds or Certificates of Indebtedness
theretofore issued, or theretofore authorized by resolution of the
Board of Public Works to be issued, under provisions of this Act,
and the governing bodies of each of the Counties and Baltimore City
shall forthwith levy and collect such tax at such rate.

Provided, however, that the levy or levies provided for in this
section shall not be made and the said tax or taxes shall not be col-
lected in any year if before [December] May 1 of the preceding year
or before [December] May 1 of any 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 all
payments of principal and interest due and payable in that preceding

 

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Session Laws, 1965
Volume 676, Page 1248   View pdf image (33K)
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