1688

LAWS OF MARYLAND

Ch. 608

State highway system. Without limiting the generality
of the foregoing, the proceeds may be used to pay the
cost of all or part of a project, as such term is defined
in [§ 29, as amended, of this article] §1 OF THIS
SUBHEADING, the cost of all or a part of a parkway or
freeway authorized by ARTICLE 89B, §§ 213 to 219,
inclusive, of [this article] THE ANNOTATED CODE OF
MARYLAND (1957 EDITION, AS AMENDED), and to pay all or
part of the expenditures authorized by [ § 211C of this
article] §25 OF THIS SUBHEADING.

§28. £§ 211F.] Taxes to cover payment of principal and
interest; sinking fund.

For the payment of the principal of and the interest
on the bonds issued pursuant to £ § 211 A] §23 of this
subheading, as such principal and interest shall become
due and payable, there shall be and is hereby laid an
annual tax which shall consist of the following: (1)
Such amounts as may be necessary of the proceeds of the
additional 1% of the excise tax on the issuance of
certificate of title of motor vehicles imposed by the
Acts of the 1964 session of the General Assembly of
Maryland; (2) such amounts as may be necessary of that
portion of the additional 1¢ a gallon increase in the
Gasoline Tax Fund imposed under the Acts of 1964 session
of the General Assembly of Maryland and allocated to the
Commission. The taxes imposed by items (1) and (2)
above shall be, to the extent necessary, exclusively used
for the payment of the principal and interest on the
bonds authorized by [§ 211A of this article] §23 OF THIS
SUBHEADING. In addition to the taxes imposed by this
section the excess over and above the sinking fund
requirements of the taxes imposed by [§§ 196 and 209 of
this article] §§ 8 AND 20 OF THIS SUBHEADING shall be, to
the extent necessary, also exclusively used for the
payment of the principal and interest on the bonds
authorized by [§ 211A of this article] §23 OF THIS
SUBHEADING. So long as any of the bonds issued pursuant
to the authority of [§ 211A] §23 of this subheading shall
remain outstanding and unpaid, there shall be deposited
in a sinking fund to be established by the Commission to
secure the payment of the principal and interest of said
bonds, annually or oftener as received, so much of the
proceeds of the taxes laid under this section, and other
funds by this section provided, as shall be necessary to
maintain in said sinking fund a sum equal to the amount
required to pay the principal of and the interest on such
of the bonds as shall be then outstanding, which will
become payable in the current calendar year and in the
next succeeding calendar year. Said proceeds are hereby
irrevocably pledged to the payment of the principal of
and interest on the bonds issued pursuant to the
authority of [§ 211A] §23 of this subheading, as the same
shall become due and payable, and such taxes and other
funds, to the extent hereby required, shall not be
repealed, diminished or applied to any other object until
such bonds and the interest thereon shall be fully paid