1296

LAWS OF MARYLAND

[Ch. 259

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 expended as needed by the State, upon
approval by the Board of Public Works in accordance with
the provisions of Section 130A of Article 77 of the
Annotated Code of Maryland (1969 Replacement Volume and
1974 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. Wo portion of the proceeds
shall be expended pursuant to the provisions of Section
130A to finance the cost of any school plagues other than
the building plaques.

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, 1976, 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.