1626

LAWS OF MARYLAND

Ch. 608

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 taxable
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 May
1 of the preceding year or before May 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 Bond 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 May 1 of the
preceding year, or before May 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
taxable 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 payments of
principal and interest due on the said bonds or
certificates of indebtedness in the preceding year, after