MARVIN MANDEL, Governor

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shall certify to the governing bodies of each of the
counties and of Baltimore City the rate of State tax on
each one hundred dollars of assessable property necessary
to produce revenue to meet all interest and principal, if
any, which will be payable to the close of the next
ensuing calendar year on all bonds or certificates of
indebtedness theretofore issued, or theretofore
authorized by resolution of the Board of Public Works to
be issued, under provisions of this section, and the
governing bodies of each of the counties and Baltimore
City shall forthwith levy and collect such tax at such
rate.

Provided, however, that the levy or levies provided
for in this subsection shall not be made and the said tax
or taxes shall not be collected in any year if before
December 1 of the preceding year or before December 1 of
any succeeding year thereafter, the Board of Public Works
shall ascertain as a fact upon a certified statement
rendered to such Board by the State Comptroller that all
payments of principal and interest due and payable in
that preceding year on the bonds or certificates of
indebtedness issued pursuant to this section have been
paid and that funds sufficient to meet all payments of
principal and interest due and payable on such bonds in
the said current year have been received and set aside
for that purpose in the Annuity Board Fund, from the
proceeds of the tax imposed under provisions of § 288 (f)
of Article 81 of the Annotated Code of Maryland (1957
Edition, as amended) . Upon the ascertainment of such
fact by the Board of Public Works, the Governor shall, by
proclamation issued pursuant to resolution of the Board
of Public Works, publicly declare that the State taxes
provided for in this subsection shall not be levied or
collected in the said current year.
Provided further, however, that the levy or levies
provided under this subsection to be made in any year
shall be made only in part, and the said tax or taxes
shall be collected only in part, if before December 1 of
the preceding year, or before December 1 of any
succeeding year thereafter, the Board of Public Works
shall ascertain as a fact upon a certified statement
rendered to such Board by the State Comptroller that part
but not all of the payments of principal and interest due
and payable in that preceding year on the bonds or
certificates of indebtedness issued pursuant to this
section have been paid, or that part but not all of the
funds required to meet all payments of principal and
interest due on such bonds or certificates of
indebtedness in the said current year have been received
and set aside for that purpose, from the proceeds of the
tax imposed under provisions of the said § 288 (f) of
Article 81. In such event, and upon the ascertainment
of such fact 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 only so
much of the State taxes provided for in this subsection
shall be levied or collected in the current year as shall
be necessary to make up the amount necessary to meet all