MARVIN MANDEL, Governor

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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 Way 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
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 April 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 (1965 Replacement Volume), 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