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Session Laws, 1967
Volume 681, Page 224   View pdf image (33K)
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224                              LAWS OF MARYLAND                      [CH. 145

(e)    The sum of Twenty-five Thousand Dollars ($25,000), or so
much thereof as may be necessary, shall be paid by the Treasurer of
the State upon the warrant of the Comptroller out of the proceeds of
the sale of said Certificates of Indebtedness for the payment of the
expense of engraving, printing and other outlays connected with the
issue of the Loan hereby authorized, and for the payment of the
advertising directed by this Section, and all other incidental ex-
penses connected with the execution of its provisions in connection
with said Loan. The balance of the proceeds of bonds
CERTIFI-
CATES OF INDEBTEDNESS issued under the provisions of this
Section shall be paid to the State Treasurer and shall be paid out by
the State Treasurer upon the order of the Authority, and upon war-
rants of the State Comptroller, solely for the purposes set forth in this
Act.

(f)    Until all of the interest on and principal of any certificates
OF INDEBTEDNESS issued under this Act have been paid in full,
there is hereby levied and imposed an annual State tax on each One
Hundred Dollars ($100.) of assessable property at the rate to be
determined in the following manner: on or before May 1, 1968, and on
or before May 1, in each taxable year thereafter, the Board of Public
Works shall certify to the governing bodies of each of the counties
and Baltimore City the rate of State tax on each One Hundred Dollars
($100) of assessable property necessary to produce revenues to meet
all interest and principal which will be payable to the close of the next
ensuing taxable year on all certificates theretofore issued or thereto-
fore authorized by resolution of the Board of Public Works to be is-
sued, and the governing bodies of each of the Counties and Baltimore
City shall forthwith levy and collect such tax at such rate. All matters
committed by this Act to the discretion of the Board of Public Works
shall be determined by a majority of said Board.

(g)    In anticipation of the receipt of the proceeds of the sale of
the Certificates of Indebtedness authorized by this Section, the
Authority may borrow money at one time or from time to time for
the purpose for which said 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 anticipa-
tion notes for the monies so borrowed. Such notes may be renewed
or extended from time to time. All such notes shall be signed by the
State Treasurer and by the Chairman of the Authority or with a
facsimile signature of said Chairman and countersigned by the State
Comptroller, 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 issuance of said Certificates of Indebted-
ness a sufficient amount of the proceeds thereof (excluding accrued
interest) shall be applied to the payment of such notes.

(h) After all principal of and interest on all revenue bonds issued
under the authority of Section 11 of this Act shall have been paid in
full, and Market revenues are no longer obligated in whole or in part
to the payment thereof, the Authority shall continue to hold 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 the amount of any taxes levied and collected by the
State of Maryland under subsection (f) of this Section for the pay-
ment of interest on and principal of the general obligations bonds


 

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Session Laws, 1967
Volume 681, Page 224   View pdf image (33K)
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