812                                        LAWS OF MARYLAND                                Ch. 361

Article 77 of the Annotated Code of Maryland (1969 Replacement Volume and
1972 Cumulative Supplement, as from time to time amended or replaced), for the
purpose of financing the construction of public school buildings and public school
capital improvements in this State.

SECTION 6. AND BE IT FURTHER ENACTED, That all funds which may
be appropriated at any time, or from time to time, by the General Assembly in
any annual State Budget Bill for the payment of principal and interest on bonds
issued pursuant to this Act shall be deposited in the Annuity Bond Fund by the
State Comptroller to be applied to the payment of principal and interest on bonds
issued pursuant to this Act.

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 on or 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 any 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 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 10. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1973.

Approved May 21, 1973.