MARVIN MANDEL, Governor

1989

Provided, however, that the levy or levies provided
for in this section shall not be made and the said tax or
taxes shall not be collected in any year if before May 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 all payments
of principal and interest due and payable in that
preceding year on the bonds or Certificates of
Indebtedness issued pursuant to this Act have been paid
and that funds sufficient to meet all payments of
principal and interest due and payable on such bonds in
the fiscal year for which the tax imposed by this section
is to be levied have been received and set aside for that
purpose in the Annuity Bond Fund, from the proceeds of
the tax imposed under provisions of Section 278A of
Article 81 of the Annotated Code of Maryland as set forth
in Section 10 of this Act. Upon the ascertainment of
such fact by the Board of Public Works, the Governor
shall, by proclamation issued pursuant to resolution of
the Board of Public Works, publicly declare that the
State taxes provided for in this section shall not be
levied or collected in the said taxable year.

Provided, further, however, that the levy or levies
provided under this section 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 May 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 Act 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 that fiscal year for which the tax
imposed by this section is to be levied have been
received and set aside for that purpose, from the
proceeds of the tax imposed under provisions of the said
Section 278A of Article 81 as set forth in Section 10 of
this Act. 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 section
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
Section 278A and from any previous levy of the tax
provided for in this section, 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