1652                             Laws of Maryland                      [Ch. 634

under this Act shall be paid to the Treasurer of the State upon the
warrant of the Comptroller and such proceeds shall be used exclu-
sively for the following purposes, to wit:

1. The Comptroller, immediately upon the sale of and payment
for said certificates BONDS, first, shall return to and credit the Treas-
ury for a sum equivalent to the amount expended, as provided in Sec-
tion 3 UNDER SECTION 4 of this Act.

2. The remainder of the proceeds of such loan shall be credited on
the books of the State Comptroller, to be expended AS NEEDED
BY THE STATE, UPON APPROVAL BY THE BOARD OF PUB-
LIC WORKS to provide a fund to be used to make loans to certain
citizens of Maryland to be used to purchase homes.

Sec. 6. And be it further enacted, That all proceeds from these
mortgages shall be used to repay the bonds., EXCEPT FOR THE
AMOUNTS REQUIRED FOR ADMINISTRATIVE COSTS, ALL
PAYMENTS OF PRINCIPAL AND INTEREST ON LOANS
MADE FROM THE PROCEEDS OF THE BONDS AUTHORIZED
TO BE ISSUED BY THIS ACT AND MADE PURSUANT TO THE
PROVISIONS OF SECTION 266 FF-2 OF ARTICLE 41 OF THE
ANNOTATED CODE OF MARYLAND, AS AMENDED FROM
TIME TO TIME, SHALL BE USED TO REPAY THE INTEREST
ON AND PRINCIPAL OF ANY BONDS ISSUED UNDER THIS
ACT.

SEC. 7. 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 AN-
NUAL STATE TAX ON EACH $100 OF ASSESSABLE PROP-
ERTY AT THE RATE TO BE DETERMINED IN THE FOLLOW-
ING MANNER: ON OR BEFORE MAY 1, 1973, AND ON OR BE-
FORE MAY 1 IN EACH TAXABLE YEAR THEREAFTER, THE
BOARD OF PUBLIC WORKS SHALL CERTIFY TO THE GOV-
ERNING BODIES OF EACH OF THE COUNTIES AND BALTI-
MORE CITY THE RATE OF STATE TAX ON EACH $100 OF
ASSESSABLE PROPERTY NECESSARY TO PRODUCE REV-
ENUE TO MEET INTEREST AND PRINCIPAL WHICH WILL
BE PAYABLE TO THE CLOSE OF THE NEXT ENSUING TAX-
ABLE YEAR ON ALL BONDS THERETOFORE ISSUED, OR
THERETOFORE AUTHORIZED BY RESOLUTION OF THE
BOARD OF PUBLIC WORKS TO BE ISSUED, AND THE GOV-
ERNING BODIES OF EACH OF THE COUNTIES AND OF
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
THE SAID TAX OR TAXES SHALL NOT BE COLLECTED IN
ANY YEAR IF BEFORE MAY 1, 1973, 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 FUNDS SUFFICIENT
TO MEET ALL PAYMENTS OF PRINCIPAL AND INTER-
EST DUE AND PAYABLE ON SUCH BONDS IN THE