1112                           LAWS OF MARYLAND                     [CH. 436

of funding the Maryland Insurance Development Fund (Acts of

1969, Chapter............, Senate Bill 361) HOUSE BILL NO. 842) when

it is not sufficient to meet its needs.

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, the principal and interest shall be paid from the proceeds
of the premium receipts tax as provided in Section 208 of Article
48A of the Annotated Code of Maryland (1968 Supplement), as
amended, BY SECTION 9 OF THIS ACT, and for this purpose the
aggregate collection of the premium receipts tax, or so much thereof
as necessary, from time to time, are declared to be a special fund,
to be held and expended only for the purposes specified in this
section.

SEC. 7. And be it further enacted, That if in any year the pro-

ceeds of the premium receipts tax as heretofore stated, are not suffi-
cient to pay the interest and principal under this Act, there shall be
levied and imposed an annual State tax on each One Hundred Dollars
($100) of assessable property at the rate to be determined in the fol-

lowing manner: on or before May 1 in any such taxable year there-

after, if bonds are issued, 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 revenue to meet all interest and prin-

cipal which will be payable to the close of the next ensuing taxable

year, and which in that year cannot be paid from the aggregate col-

lections of the premium receipts tax, on all certificates theretofore
issued or heretofore 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
a rate.

SEC. 7. AND BE IT FURTHER ENACTED, THAT, IN ADDI-
TION THERE SHALL BE AND IS HEREBY LEVIED AND
IMPOSED AN ANNUAL STATE TAX ON EACH ONE HUN-
DRED DOLLARS OF ASSESSABLE PROPERTY AT A RATE
TO BE DETERMINED IN THE FOLLOWING MANNER; ON OR
BEFORE MAY 1, 1970, 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 OF BALTIMORE CITY THE RATE
OF STATE TAX ON EACH ONE HUNDRED DOLLARS OF
ASSESSABLE PROPERTY NECESSARY TO PRODUCE REVE-
NUE 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 CERTIFI-
CATES OF INDEBTEDNESS THERETOFORE ISSUED OR
HERETOFORE AUTHORIZED BY RESOLUTION OF THE
BOARD OF PUBLIC WORKS TO BE ISSUED, UNDER THE
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 PRO-
VIDED FOR IN THIS SECTION SHALL NOT BE MADE AND