1670

LAWS OF MARYLAND

Ch. 608

so low as to require the payment of interest on the money
received therefor at more than four per centum (4%) per
annua, computed with relation to the absolute maturity of
the bonds in accordance with standard tables of bond
values, excluding, however, from such computation the
amount of any premium to be paid on redemption of any
bonds prior to maturity.

§7. [§ 195.] Disposition of proceeds.

The proceeds of the bonds sold hereunder shall be
paid to the State Treasurer and shall be paid out by the
State Treasurer upon the order of the Commission, and
upon warrants of the State Comptroller, solely for the
purposes set forth in [§ 191 of this article] §3 OF THIS
SUBHEADING.

§8. [§ 196.] Annual tax levy.

For the payment of the principal of and the interest
on the bonds issued under this subheading as the same
become due and payable, there shall be and is hereby laid
an annual tax which shall consist of the following: (a)
Such amounts as may be necessary of the proceeds of the
excise tax on the issuance of certificates of title of
motor vehicles required to be paid pursuant to the
provisions of ARTICLE 66 1/2, § 29 of [Article 66 1/2]
THE ANNOTATED CODE OF MARYLAND (1957 EDITION, AS
AMENDED); and (b) such amounts as may be necessary of the
Gasoline Tax Fund allocated to the Commission pursuant to
ARTICLE 89B, §§ 30 and 32 of [this article] THE ANNOTATED
CODE OF MARYLAND (1957 EDITION, AS AMENDED), subject to
the prior use of a part of said share of said Gasoline
Tax Fund as provided and authorized in §§ 140A to 140M,
both inclusive, of Article 89B of said Code (1947
Supplement), in §§ 140N to 140U, both inclusive, of
Article 89B of said Code, as amended by the Acts of 1945,
Chapter 755 (1947 SUPPLEMENT), and in §§ 147A to 147F,
both inclusive, of Article 89B of said Code (1947
Supplement).

Until ail of the bonds issued under the provisions
of this subheading shall be paid, the proceeds of the
annual tax laid by this section shall be set aside as
received to the credit of a sinking fund for the payment
of the principal of and the interest on such bonds until
the amount held for the credit of said sinking fund shall
be equal to the amount required for the payment of the
principal of and the interest on the bonds then
outstanding which will become payable in the current year
and in the next succeeding fiscal year. The proceeds of
the taxes laid under the provisions of this section are
hereby irrevocably pledged to the payment of the
principal of and the interest on such bonds as the same
shall become due and payable and such taxes, to the
extent hereby required, shall not be repealed, diminished
or applied to any other object until such bonds shall be
fully paid.