Marvin Mandel, Governor                           19

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 revenue 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 certificates of indebtedness
theretofore issued or theretofore authorized by resolution of the
Board of Public Works to be issued, under the provisions of this
Act [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 provided for in this
section shall not be made and the said tax or taxes shall not be
collected in any year if before May 1 of the preceding year or
before May 1 of any succeeding 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 payments of prin-
cipal and interest due and payable in that preceding year on the
bonds or Certificates of Indebtedness issued pursuant to this Act
[section] have been paid and that funds sufficient to meet all pay-
ments of principal and interest due and payable on such bonds in
the fiscal year for which the tax imposed by this section is to be
levied have been received and set aside for that purpose in the
Annuity Bond Fund, from the proceeds of the tax imposed under
provisions of Section 278A of Article 81 of the Annotated Code of
Maryland as set forth in Section 10 of this Act. Upon the ascertain-
ment of such fact by the Board of Public Works, the Governor shall,
by proclamation issued pursuant to resolution of the Board of Public
Works, publicly declare that the State taxes provided for in this
section shall not be levied or collected in the said taxable [current]
year.

Provided, further, however, that the levy or levies provided under
this section to be made in any year shall be made only in part, and
the said tax or taxes shall be collected only in part, if before May 1
of the preceding year, or before May 1 of any succeeding year there-
after, the Board of Public Works shall ascertain as a fact upon a
certified statement rendered to such Board by the State Comptroller
that part but not all of the payments of principal and interest due
and payable in that preceding year on the bonds or Certificates of
Indebtedness issued pursuant to this Act [section] have been
paid, or that part but not all of the funds required to meet all pay-
ments of principal and interest due on such bonds or Certificates
of Indebtedness in that fiscal year for which the tax imposed by this
section is to be levied have been received and set aside for that pur-
pose, from the proceeds of the tax imposed under provisions of the
said Section 278A of Article 81 as set forth in Section 10 of this Act.
In such event, and upon the ascertainment of such fact by the Board
of Public Works, the Governor shall by proclamation issued pursuant
to a resolution of the Board of 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 making allowance for collections in such year from the
proceeds of the tax imposed under provisions of said Section 278A