1622

LAWS OF MARYLAND

Ch. 608

payments of principal and interest due on the said bonds
or certificates of indebtedness in the preceding year,
after making allowance for collections in such year from
the proceeds of the tax imposed under provisions of said
§ 288 (f) and from any previous levy of the tax provided
for in this subsection, and to meet all payments of
principal and interest due on said bonds or certificates
of indebtedness in the current year after making
allowance for estimated collections in the current year
from the proceeds of the tax imposed by said § 288 (f) .

Any taxes collected to pay the principal of or
interest on said bonds or certificates of indebtedness,
as hereinabove in this subsection provided, shall be paid
over by the State Comptroller, on or before the 15th day
of January of the year following the year in which such
taxes are collected, to the State Treasurer, to be
credited to the Annuity Bond Fund, for the payment of
principal of and interest on such bonds or certificates
of indebtedness.

(h) Disposition of proceeds of corporate income
tax. —Until all of the bonds or certificates of
indebtedness issued under the provisions of this section,
and the interest thereon, shall be paid or provision for
such payment shall be made, the proceeds of so much of
the tax on the net income of certain corporations as
imposed by § 288 (f) of Article 81 of the Annotated Code
of Maryland (1957 Edition, as amended) received in each
year as is required to make the principal and interest
payments due in that year (to the extent not previously
set aside) and in the next succeeding year shall be set
aside by the State Treasurer in the Annuity Bond Fund for
the purpose of making such principal and interest
payments. The balance of the proceeds of such tax, if
any, shall be deposited to the credit of the Maryland
Port Authority Fund, created by said § 288 (f) .

(i) Determination of matters by Board of Public
Works. —All matters committed by this section to the
discretion of the Board of Public Works shall be
determined by a majority of said Board.

(j) Authority to borrow in anticipation of receipts
from sale. —In anticipation of the receipt of the
proceeds of the sale of the bonds or certificates of
indebtedness authorized by this section, the Authority
may borrow money at one time or from time to time in an
amount not exceeding the estimated tax revenue to be
received from the proceeds of the tax upon the net income
of certain corporations imposed by § 288 (f) of Article
81 of the Annotated Code of Maryland (1957 Edition, as
amended) within the following twelve months, for the
purpose for which said bonds or certificates of
indebtedness are to be issued, and to provide funds for
paying the current expenses of the Authority prior to the
time when moneys will be available for such purpose under
the provisions of this section, and issue its tax
anticipation notes for the moneys so borrowed. Such
notes may be renewed or extended from time to time. All
such notes shall be signed by the State Treasurer and by
the chairman of the Authority or with a facsimile