1988

LAWS OF MARYLAND

Ch. 719

WHEREAS, The General Assembly wishes to resolve any
such question by repealing the tax provisions of the Act,
being Sections 6 and 7 thereof, as amended by Chapter 4
of the Acts of the Special Session of December 16, 1969,
and as repealed and reenacted without change by Chapter
702 of the Acts of 1970, Chapter 730 of the Acts of 1971,
Chapter 353 of the Acts of 1972, Chapter 481 of the Acts
of 1973, Chapter 632 of the Acts of 1974, and Chapter 564
of the Acts of 1975, and by reenacting those provisions
without change and by adding new Section 11—I to the Act,
which allocates funds for the fiscal year 1977.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 6 and 7 of Chapter 403 of the
Acts of 1969, as they were amended by Chapter 4 of the
Acts of the Special Session of December 16, 1969, and as
repealed and reenacted, without change by Chapter 702 of
the Acts of 1970, Chapter 730 of the Acts of 1971,
Chapter 353 of the Acts of 1972, Chapter 481 of the Acts
of 1973, Chapter 632 of the Acts of 1974, and Chapter 564
of the Acts of 1975, be and they are hereby repealed and
reenacted, without change and all to read as follows:

Chapter 403

6.

That for the primary source of payment of the
principal of and the interest on the bonds or
Certificates of Indebtedness issued under the provisions
of this Act 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 on written instruments, imposed
pursuant to the provisions of Section 278A of Article 81
of the Annotated Code of Maryland as set forth in Section
10 of this Act.

7.

That, in addition, and as the secondary source of
payment, 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, 1970, 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 the provisions of this
Act, and the governing bodies of each of the counties and
Baltimore City shall forthwith levy and collect such tax
at such rate.