1298                                        LAWS OF MARYLAND                       [Ch. 289

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 12. 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 Hay 1, 1975, and
on or before Hay 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 Hay 1, 1975, and on or before Hay 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 11 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, publicly declare that the
taxes required by this section shall not be collected or
levied in any such ensuing taxable year.

SECTION 13. 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 14. AND BE IT FURTHER ENACTED, That, except
as otherwise indicated herein, moneys derived from the
sale of bonds authorized by this Act shall be used only
for capital improvements and for no other purpose. In
determining whether an expenditure represents a capital
improvement, the Board of Public Works shall be guided by