MARVIN MANDEL, Governor

1683

deducting from each a proportionate share of the cost of
the issuance of said bonds and any bonds issued under the
provisions of this section shall become the obligations
of the State Roads Commission and shall not be considered
a debt of any county for the purpose of determining debt
limitations, and further provided that, prior to said
sale, the Commission and said county shall have entered
into an agreement, in accordance with law, which shall
specify that:

(i) The amount of bonds to be issued on behalf of
said county, as herein provided, shall be repaid,
together with interest, within fifteen (15) years from
their date or dates of issue;

(ii) Each such issue of bonds under this section,
on behalf of any such county, shall first be approved
prior to the sale thereof by resolution of the Board of
Public Works as provided in [§ 200] §12 of this
subheading;

(iii) The State Comptroller shall be authorized and
empowered to withhold and deposit monies to the credit of
a sinking fund established for the purpose of paying the
principal of and interest on such bonds, from any and all
funds allocable to such county under ARTICLE 893, § 34 of
[this article] THE ANNOTATED CODE OF MARYLAND (1957
EDITION, AS AMENDED), until an amount equal to such debt
service payable in the current and next succeeding fiscal
year shall have been accumulated, and thereafter an
amount equal to debt service on said bonds in such
succeeding fiscal year, unless said county shall elect to
deposit said amount with the State Comptroller pursuant
to subparagraph (iv) hereof, provided however that no
portion of said funds may be so withheld that have been
previously pledged for debt service on outstanding bonds
of said county, as provided in said § 34;

(iv) In any year that any of said bonds covered by
said agreement are outstanding, said county may make an
annual levy on its taxable basis in rate and amount
sufficient to provide a sum equivalent to the amount to
be withheld by the State Comptroller, as provided in
subparagraph (iii) above, in which event the State
Comptroller shall not withhold any more of said gasoline
tax funds of said county than may be necessary to assure
payment of the principal and interest of said bonds in
the current and next succeeding fiscal year;

(v) The State Comptroller shall at regular
intervals pay from said sinking fund to the Commission
amounts sufficient for the payment of the principal and
interest of said bonds.

(c) Notwithstanding the provisions of said ARTICLE
89B, § 34 [of this article] for the distribution of the
Gasoline Tax Fund among the counties and municipalities
of the State, the State Comptroller is hereby further
authorized and empowered to withhold an amount sufficient
to make up the debt service on any bonds issued in
accordance with an agreement of the type above described
from the share of the Gasoline Tax Fund payable to
municipalities within any county, party to such
agreement, in the event, in any fiscal year, the said