MARVIN MANDEL, Governor                          879

PUBLIC WORKS PUBLICLY DECLARE THAT ONLY SO MUCH
OF THE STATE TAXES PROVIDED FOR IN THIS SECTION
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 MAK-
ING ALLOWANCE FOR COLLECTIONS IN SUCH YEAR FROM
THE PROCEEDS OF THE TAX IMPOSED UNDER PROVISIONS
OF SAID SECTION 278A 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 COLLEC-
TIONS IN THE CURRENT YEAR FROM THE PROCEEDS OF
THE TAX IMPOSED BY SAID SECTION 278A.

ANY TAXES COLLECTED TO PAY THE PRINCIPAL OF OR
INTEREST ON SAID BONDS OR CERTIFICATES OF INDEB-
TEDNESS, AS HEREINABOVE IN THIS SECTION PROVIDED,
SHALL BE CREDITED BY THE STATE COMPTROLLER, ON OR
BEFORE THE 15TH DAY OF APRIL OF THE YEAR FOLLOW-
ING THE YEAR IN WHICH SUCH TAXES ARE COLLECTED,
TO A SPECIAL FUND ACCOUNT AS PROVIDED FOR IN SEC-
TION 10 IN THIS ACT, AND AS MUCH AS IS REQUIRED FOR
THE PAYMENT OF PRINCIPAL AND INTEREST ON CERTIFI-
CATES OF INDEBTEDNESS SHALL BE TRANSFERRED TO
THE ANNUITY BOND FUND.

UNTIL ALL OF THE BONDS OR CERTIFICATES OF INDEB-
TEDNESS ISSUED UNDER THE PROVISIONS OF THIS SEC-
TION, AND THE INTEREST THEREON, SHALL BE PAID OR
PROVISION OF SUCH PAYMENT SHALL BE MADE, THE
PROCEEDS OF SO MUCH OF THE TAX ON WRITTEN INSTRU-
MENTS AS IMPOSED BY SECTION 278A OF ARTICLE 81 OF
THE ANNOTATED CODE OF MARYLAND AS SET FORTH IN
SECTION 10 OF THIS ACT, RECEIVED IN EACH YEAR AS IS
REQUIRED TO MAKE THE PRINCIPAL AND INTEREST PAY-
MENTS DUE IN THAT YEAR (TO THE EXTENT NOT PRE-
VIOUSLY SET ASIDE) AND IN THE NEXT SUCCEEDING
YEAR SHALL BE SET ASIDE BY THE STATE COMPTROLLER
AND TRANSFERRED TO THE ANNUITY BOND FUND FOR
THE PURPOSE OF MAKING SUCH PRINCIPAL AND
INTEREST PAYMENTS. THE BALANCE OF THE PROCEEDS
OF SUCH TAX, IF ANY, SHALL BE MADE AVAILABLE FOR
THE FUNDING OF PROJECTS FOR THE ACQUISITION AND
DEVELOPMENT OF RECREATION LAND AND OPEN SPACE,
AS PROVIDED UNDER "PROGRAM OPEN SPACE."

SEC. 8. AND BE IT FURTHER ENACTED, THAT ALL MAT-
TERS COMMITTED BY THIS ACT TO THE DISCRETION OF
THE BOARD OF PUBLIC WORKS ARE DETERMINED BY A
MAJORITY OF SAID BOARD.

Sec. 6 9. And be it further enacted, That new Section 19A be and
it is hereby added to Article 78A of the Annotated Code of Mary-
land (1965 Replacement Volume) title "Public Works," subtitle
"Department of Improvements," to follow immediately after Section
19 thereof, and to read as follows: