Marvin Mandel, Governor                        1171

each one hundred 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 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 in-
debtedness theretofore issued or theretofore authorized by resolu-
tion of the Board of Public Works to be issued, under the provisions
of this Act, 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 principal and
interest due and payable in that preceding year on the bonds or
Certificates of Indebtedness issued pursuant to this Act have been
paid and that funds sufficient to meet all payments 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 ascertainment of such fact by the Board
of Public Works, the Governor shall, by proclamation issued pur-
suant 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 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 thereafter, 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 Cer-
tificates of Indebtedness issued pursuant to this Act have been paid,
or that part but not all of the funds required to meet all payments
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 de-
clare that only so much of the State taxes provided for in this sec-
tion shall be levied or collected in the current year as shall be neces-
sary to make up the amount necessary to meet all payments of
principal and interest due on the said bonds or Certificates of In-
debtedness 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 and from any previous levy of the