MARVIN MANDEL, Governor

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making allowance for collections in such year from the
proceeds of the tax imposed under provisions of said §
2 88 (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.

(i) 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, subject to the prior use and application of the
proceeds of said tax under the provisions of [§ 8 of this
article] § 1 OF THIS SUBHEADING RELATING TO THE MARYLAND
POST AUTHORITY LOAN OF 1958. 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 § 238

(f).

(j) 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.

§3. [§ 8B.] Maryland Port Authority Loan of 1967.

(a) Amount and purpose of loan; issuance of
certificates. —The Board of Public Works is hereby
authorized, empowered and directed, upon recommendation
of the MARYLAND PORT Authority (HEREINAFTER,
"AUTHORITY"), by resolution or resolutions duly adopted,
to issue a State loan to be known as the "Maryland Port
Authority Loan of 1967" evidenced by bonds issued at one
time, or in series from time to time, in an aggregate
principal amount not exceeding fifty million dollars
($50,000,000) for the purpose of providing funds (i) for
paying the cost of any extensions, enlargements or
improvements of the existing port facilities, and (ii)
for paying the cost of any additional port facilities.
The certificates evidencing said loan may be issued all