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2624 LAWS OF MARYLAND Ch. 647
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, 19 70, 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.
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
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