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MARVIN MANDEL, Governor 3163
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
from the proceeds of the tax imposed by said Section
278A.
Any taxes collected to pay the principal of or
interest on said bonds or Certificates of Indebtedness,
as hereinabove in this section provided, shall be
credited by the State Comptroller on or before the 15th
day of April of the year following the year in which such
taxes are collected, to a special fund account as
provided for in Section 10 in this Act, and as much as is
required for the payment of principal of and interest on
such bonds or Certificates of Indebtedness shall be
transferred to the Annuity Bond Fund.
Until all of the bonds or Certificates of
Indebtedness issued under the provisions of this Act and
the interest thereon, shall be paid or provision of such
payment shall be made, the proceeds of so much of the tax
on written instruments as imposed by Section 278A of
Article 81 of the Annotated Code of Maryland as set forth
in Section 10 of this Act, received in each year as is
required to make the principal and interest payments due
in that year (to the extent not previously set aside) and
in the next succeeding year shall be set aside by the
State Comptroller and transferred to the Annuity Bond
Fund for the purpose of making such principal and
interest payments. The balance of the proceeds of such
tax, if any, shall remain in the special fund account on
the books of the State Comptroller, provided, however,
that if the State Comptroller determines at any time or
from time to time that a portion thereof will not be
required for the payment of the principal of or interest
on the bonds or Certificates of Indebtedness issued under
the provisions of this Act, he shall certify the amount
of such portion, which shall thereby be made available
for the funding of projects for the acquisition and
development of recreation land and open space, as
provided under "Program Open Space." Any proceeds of
such tax which may for any reason not be expended or
applied as herein provided, shall be transferred to the
Annuity Bond Fund and shall be applied to the debt
service requirements of the State.
SECTION 2. AND BE IT FURTHER ENACTED, That new
Section 11K be and it is Sections 11K and 11L be and
they are hereby added to Chapter 40 3 of the Acts of 1969,
to follow immediately after Section 11J thereof, as added
by Chapter 719 of the Acts of 1976 and to read as
follows:
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Chapter 403
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