1488

LAWS OF MARYLAND

[Ch. 310

Planning [[and the Commission on the Aging]].

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, if any
funds provided by this Act shall not have been encumbered
within three (3) years from the effective, date of this
Act, then such funds shall be deemed to have been
abandoned. If the total loan authorized herein shall
have been issued within three (3) years from the
effective date of this Act then the amount specified
herein for said abandoned funds shall be transferred to
the Annunity Bond Fund and be applied to the debt service
requirements of the State if, however, the total loan
authorized herein shall not have been issued within three
(3) years from the effective date of this Act, then the
total issuable bonds authorized herein shall be reduced
by the amount specified herein for said abandoned funds.

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 manners 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.

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, 1976, 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