1620                             Laws of Maryland                      [Ch. 625

bonds under the authority of this Act for the purpose of funding
such loan hereunder. If the State has exercised its borrowing power
under this Act under the provisions of Section 2B of Article 31 of
the Annotated Code of Maryland (1967 Replacement Volume and
1971 Supplement), the net interest cost of the entire State and Local
Facilities Loan of which such exercise of borrowing power under this
Act may be a part, shall be the annual rate of interest at which
such loan may be made hereunder with the net proceeds thereof.

SEC. 6. And be it further enacted, That until all of the interest
on and principal of any bonds issued under this Act shall 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 deter-
mined in the following manner: on or before May 1, 1973, and on or
before May 1 in each taxable 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 revenue to meet interest and principal
which will be payable to the close of the next ensuing taxable year
on all bonds theretofore issued, or theretofore authorized by resolu-
tion of the Board of Public Works to be issued, and the governing
bodies of each of the counties and of Baltimore City shall forth-
with levy and collect such tax at such rate. PROVIDED, HOW-
EVER, 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, 1973, AND BEFORE MAY 1 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 THE TERMS OF
THIS ACT HAVE BEEN MET DURING THE CURRENT YEAR
FROM THE PAYMENTS RECEIVED FROM ANNE ARUNDEL
COUNTY, AS MORE PARTICULARLY PROVIDED IN SECTION
5 OF THIS ACT. 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 THE STATE TAXES PROVIDED FOR IN THIS SECTION
SHALL NOT BE COLLECTED OR LEVIED IN ANY SUCH
SUCCEEDING YEAR.

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

SEC. 7. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 26, 1972.

CHAPTER 625
(House Bill 1428)

AN ACT to repeal and re-enact, with amendments, Sections 19 (f-2),
20(h-2), and 161(b) of Article 2B of the Annotated Code of
Maryland (1968 Replacement Volume and 1971 Supplement), title