886                                        LAWS OF MARYLAND                                Ch. 424

sale upon the best terms as to price, rates of interest and dates of payment within
the limits of Article III, Section 34 of the Constitution of Maryland that can be
obtained for the same.

SECTION 4. AND BE IT FURTHER ENACTED, That so much thereof as
may be necessary shall be paid by the Treasurer of the State upon the warrant of
the Comptroller out of the proceeds of the sale of said bonds for the payment of
the expense of engraving, printing and other outlays connected with the issue of the
loan hereby authorized, and for the payment of the advertising directed by this
Act, and all other incidental expenses connected with the execution of its
provisions in connection with said loan.

SECTION 5. AND BE IT FURTHER ENACTED, That the actual cash
proceeds of the sale of the bonds to be issued under this Act shall be paid to the
Treasurer of the State upon the warrant of the Comptroller and such proceeds
shall be used exclusively for the following purposes, to wit:

1.  The Comptroller, immediately upon the sale of and payment for said bonds,
first, shall return to and credit the Treasury for a sum equivalent to the amount
expended 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 made part of the Industrial Project Mortgage
Insurance Fund of the Maryland Industrial Development Financing Authority
established by Section 266S of Article 41 of the Annotated Code of Maryland
(1971 Replacement Volume) and to be subject to all the terms, conditions, and
purposes set forth in the Maryland Industrial Development Financing Authority
Act contained in said Article, as amended from time to time.

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