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Session Laws, 1967
Volume 681, Page 236   View pdf image (33K)
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236                             LAWS OF MARYLAND                     [CH. 147

HIGHEST, THEN SUCH BONDS SHALL BE AWARDED BY
LOTTO ONE OF SUCH RESPONSIBLE BIDDERS; or if any in-
sufficient price be bid for them, they may be subsequently disposed of
under the direction of the Board of Public Works at a private sale
upon the best terms they can obtain for the same; provided, they shall
not be sold at private sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That the sum of Five Thousand
Dollars ($5,000.00), or so much thereof as may be necessary, shall be
paid by the Treasurer of the State upon the warrant of the Comp-
troller out of the proceeds of the sale of said bonds or Certificates
of Indebtedness, for the payment of the expense of engraving, print-
ing and other outlays connected with the issue of the loan hereby
authorized, and for the payment of the advertising directed by this
Act, and all other incidental expenses connected with the execution
of its provisions in connection with said loan.

Sec. 5. And be it further enacted, That the actual proceeds of the
sale of the Certificates of Indebtedness to be issued under this Act
shall be paid to the Treasurer of the State upon the warrant of the
Comptroller and such proceeds shall be used exclusively for the fol-
lowing purposes, to wit:

The Comptroller shall immediately upon the sale of and payment
for said certificates, first return to and credit the Treasury for a sum
equivalent to the amount expended as provided for in Section 4 of
this Act; the remainder of the proceeds of said loan shall be credited
on the books of the State Treasury Department COMPTROLLER to
be expended upon approval by the Board of Public Works to supple-
ment funds available for the construction of a building for the Medical
Examiner's office in Baltimore City. Before any such funds shall be
expended under this Act, the plans for the building shall be approved
by the Department of Public Improvements.

Sec. 6. And be it further enacted, That until all of the interest on
and principal of any certificates issued under this Act have been paid
in full, there is hereby levied and imposed an annual State tax on
each $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 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 $100 of assessable property necessary to
produce revenues to meet all interest and principal which will be pay-
able to the close of the next ensuing calendar TAXABLE year on all
certificates theretofore issued or theretofore authorized by resolution
of the Board of Public Works to be issued, and the governing bodies
of each of the Counties and Baltimore City shall forthwith levy and
collect such tax at such rate. 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 July 1, 1968, and before July MAY 1,

1968, AND BEFORE MAY 1st of each 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
payment
of principal and interest on the certificates issued pursuant to terms

of this Act have been met during the current year from Baltimore

City's share of racing revenues collected by the Maryland Racing

City's share of racing revenues collected by the Maryland Racing

 

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Session Laws, 1967
Volume 681, Page 236   View pdf image (33K)
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