Ch. 481                             MARVIN MANDEL, Governor                                1075

6.

That for the primary source of payment of the principal of and the interest on
the bonds or Certificates of Indebtedness issued under the provisions of this Act as
the same become due and payable, there shall be and is hereby laid an annual tax
which shall consist of such amounts as may be necessary of the proceeds of the tax
on written instruments, imposed pursuant to the provisions of Section 278A of
Article 81 of the Annotated Code of Maryland as set forth in Section 10 of this
Act.

7.

That, in addition, and as the secondary source of payment, there shall be and is
hereby levied and imposed an annual State tax on 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 accessable
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, 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 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 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 Certificates of Indebtedness issued pursuant to this
Act have been paid, or that part but not all of the funds required to meet all
payments or 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 purpose, 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