2488                                         LAWS OF MARYLAND                     [Ch. 726

SECTION 6. AND BE IT FURTHER ENACTED, That all
proceeds received from the municipal corporations of this
State which have been granted financial assistance under
the provisions of this Act under agreements signed with
the aforesaid municipal corporations, all as more
particularly provided in Section 5 of this Act, shall be
deposited in [fa reserve fund by the State Comptroller;
such reserve fund to be used only for the payment of the
principal and interest on any and all certificates issued
by the State of Maryland pursuant to the terms of this
Act.]] 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 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 8. 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 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, 1975, 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 7 of this Act [[or to the extent that funds