SPIRO T. AGNEW, Governor                        1549

assessable property necessary to produce revenue to meet all interest
and principal, if any, which will be payable to the close of the next
ensuing 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 section,
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 sub-
section shall not be made and the said tax or taxes shall not be
collected in any year if before May 1 of the preceding year or before
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 year on the bonds or
certificates of indebtedness issued pursuant to this section have been
paid and that funds sufficient to meet all payments of principal and
interest due and payable on such bonds in the said current year
have been received and set aside for that purpose in the Annuity
Bond Fund, from the proceeds of the tax imposed under provisions
of Section 288(f) of Article 81 of the Annotated Code of Maryland
(1957 Edition, as amended). Upon the ascertainment of such fact
by the Board of Public Works, the Governor shall, by proclamation
issued pursuant to resolution of the Board of Public Works, publicly
declare that the State taxes provided for in this subsection shall not
be levied or collected in the said current year.

Provided further, however, that the levy or levies provided under
this subsection to be made in any year shall be made only in part,
and the said tax or taxes shall be collected only in part, if before
May 1 of the preceding year, or before 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 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 taxable 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 subsection 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, 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 proceeds 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 subsection pro-