1630

LAWS OF MARYLAND

Ch. 608

The balance of the proceeds of bonds issued under
the provisions of this section shall be paid to the State
Treasurer and shall be paid out by the State Treasurer
upon the order of the Authority, and upon warrants of the
State Comptroller, solely for the purposes set forth in
subsection (a) of this section.

(f)    Levy of corporate income tax. —For the
payment of the principal of and the interest on the bonds
or certificates of indebtedness issued under the
provisions of this section as the same become due and
payable, there shall be and is hereby laid an annual tax
which shall consist of such amounts as may be necessary
of the proceeds of the tax of the net income of certain
corporations, imposed pursuant to the provisions of § 288

(f) of Article 81 of the Annotated Code of Maryland (1957
Edition, as amended) subject to the prior use and
application thereof for the purpose of complying with the
provisions of [§§ 8 and 8A of this article] §§ 1 AND 2 OF
THIS SUBHEADING RELATING TO THE MARYLAND PORT AUTHORITY
LOAN OF 1958 AND THE MARYLAND PORT AUTHORITY SECOND LOAN
OF 1961, RESPECTIVELY.

(g)    Levy of property tax. —In addition, there
shall be and is hereby levied and imposed an annual
State tax on each one hundred dollars of assessable
property at a rate to be determined in the following
manner; on or before May 1, 1967, and on or before May 1
in each year thereafter, the Board of Public Works 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 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