1550                               LAWS OF MARYLAND                         [CH. 710

vided, shall be paid over by the State Comptroller, on or before the
15th day of January APRIL of the year following the year in which
such taxes are collected, to the State Treasurer, to be credited to the
Annuity Bond Fund, for the payment of principal of and interest
on such bonds or certificates of indebtedness.

(h) Until all of the bonds or certificates of indebtedness issued
under the provisions of this section, and the interest thereon, shall
be paid or provision for such payment shall be made, the proceeds
of so much of the tax on the net income of certain corporations
as imposed by Section 288(f) of Article 81 of the Annotated Code
of Maryland (1965 Replacement Volume), received in each year as
is required to make the principal and interest payments due in that
year (to the extent not previously set aside) and in the next suc-
ceeding year shall be set aside by the State Treasurer in the
Annuity Bond Fund for the purpose of making such principal and
interest payments, SUBJECT TO THE PRIOR USE AND APPLI-
CATION OF THE PROCEEDS OF SAID TAX UNDER THE PRO-
VISIONS OF SECTIONS 8 AND 8A OF THIS ARTICLE. The
balance of the proceeds of such tax, if any, shall be deposited to the
credit of the Maryland Port Authority Fund, created by said Section
288(f).

(i) All matters committed by this section to the discretion of
the Board of Public Works shall be determined by a majority of
said Board.

(j) In anticipation of the receipt of the proceeds of the sale of
the bonds or certificates of indebtedness authorized by this section,
the Authority may borrow money at one time or from time to time
in an amount not exceeding the estimated tax revenue to be received
from the proceeds of the tax upon the net income of certain corpora-
tions imposed by Section 288(f) of Article 81 of the Annotated
Code of Maryland (1957 Edition, as amended) within the following
twelve months, for the purpose for which said bonds or certificates
of indebtedness are to be issued, and to provide funds for paying
the current expenses of the Authority prior to the time when monies
will be available for such purpose under the provisions of this section,
and issue its tax anticipation notes for the monies to be borrowed.
Such notes may be renewed or extended from time to time. All such
notes shall be signed by the State Treasurer WITH A FACSIMILE
SIGNATURE and by the Chairman of the Authority or with a fac-
simile signature of said Chairman and countersigned by the State
Comptroller WITH A FACSIMILE SIGNATURE, and a facsimile of
the official seal of the Authority shall be imprinted on the notes and
attested by the Secretary-Treasurer of the Authority. Upon the is-
suance of said bonds or certificates of indebtedness a sufficient amount
of the proceeds thereof (excluding accrued interest) shall be applied
to the payment of such notes.

(k) (Payment of Current Expenses.) The monies received to
the credit of the Maryland Port Authority Fund shall be applied
and such monies shall be and hereby are specifically appropriated
to the payment of Current Expenses of the Authority. Any surplus
of such monies after providing for the payment of such Current
Expenses may be expended by the Authority for paying the cost of
acquiring, constructing, rehabilitating, enlarging, extending, recon-
structing or improving any project owned or controlled by the Au-
thority or to be owned or controlled by the Authority.