670                                        LAWS OF MARYLAND                                Ch. 286

SECTION 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 annual State tax on each $100 of
assessable property at the rate to be determined in the following manner: On or
before May 1, 1974, 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
authorized by resolution of the Board of Public Works to be issued, and the
governing 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 required by this section shall not be
made and the tax or taxes shall not be collected in any year to the extent that, on
or before May 1, 1974, and before May 1 in each taxable year thereafter the
Board of Public Works determines upon a certified statement rendered to the
Board by the State Comptroller that payment of principal and interest on the
bonds issued pursuant to this Act will be met during the ensuing taxable year from
funds appropriated by the General Assembly, as provided in Section 6 of this Act.
Upon, and to the extent of, such determination by the Board of Public Works, the
Governor shall, by proclamation issued pursuant to a resolution of the Board of
Public Works, declare that the taxes required by this section shall not be collected
or levied in such ensuing taxable year.

SECTION 8. AND BE IT FURTHER ENACTED, That all matters
committed by this Act to the discretion of the Board of Public Works shall be
determined by a majority of said Board.

SECTION 9. AND BE IT FURTHER ENACTED, That, if any funds
provided by this Act shall not have been encumbered within three (3) years from
the effective date of this Act, then such funds shall be deemed to have been
abandoned. If the total loan authorized herein shall have been issued within three
(3) years from the effective date of this Act, then the amount specified herein for
said abandoned funds shall be transferred to the Annuity Bond Fund and shall be
applied to the debt service requirements of the State. If, however, the total loan
authorized herein shall not have been issued within three (3) years from the
effective date of this Act, then the total issuable bonds authorized herein shall be
reduced by the amount specified herein for said abandoned funds.

(a) For the purposes of this Act, funds are encumbered when a project is
approved for a grant under this program for a specific amount by actions of the
Board of Public Works.

SECTION 10. AND BE IT FURTHER ENACTED, That if any portion
(word, sentence, paragraph, proviso or section) of this Act shall be held invalid for
any reason, the remaining provisions shall remain in full force and effect, and such
invalid portion shall be considered severed and deleted from this Act.

SECTION 11. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1973.

Approved May 7, 1973.