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90
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LAWS OF MARYLAND Ch. 13
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SPECIFIED IN THIS SECTION AND, TO THE EXTENT NECESSARY
AND EXCEPT AS OTHERWISE PROVIDED IN THIS SUBSECTION, THAT
SHALL BE USED AND APPLIED EXCLUSIVELY FOR THAI PURPOSE.
(2) THE REQUIRED USE AND APPLICATION OF THE
TAX UNDER PARAGRAPH (1) OF THIS SUBSECTION IS SUBJECT
ONLY TO THE PRIOR USE AND APPLICATION OF ONE OR ALL OR
ANY COMBINATION OF THE TAXES SPECIFIED IN THIS SECTION
TO MEET THE DEBT SERVICE ON ALL OF THE FOLLOWING BONDS
WHILE THEY ARE OUTSTANDING AND UNPAID AND TO THE PAYMENT
OF WHICH ANY PART OF THOSE TAXES HAS BEEN PLEDGED:
(I) BONDS OF PRIOR ISSUES;
(II) BONDS OF ANY SERIES OF COUNTY HIGHWAY
CONSTRUCTION BONDS OR COUNTY TRANSPORTATION BONDS ISSUED
UNDER §§ 211 OR 211G-1 OF ARTICLE 89B OF THE CODE OF
1957; AND
(III) BONDS OF ANY SERIES OF COUNTY
TRANSPORTATION BONDS ISSUED UNDER SUBTITLE 3 OF THIS
TITLE.
(B) TAXES ENUMERATED.
THE TAX LEVIED AND IMPOSED BY THIS SECTION CONSISTS
OF:
(1) THE TAX ON THE NET INCOME OF CERTAIN
CORPORATIONS IMPOSED UNDER ARTICLE 81, §288(C) OF THE
CODE; AND
(2) THAT PART OF THE FOLLOWING TAXES THAT
ARE RETAINED TO THE CREDIT OF THE DEPARTMENT AFTER
DISTRIBUTIONS TO THE POLITICAL SUBDIVISIONS:
(I) THE EXCISE TAXES ON MOTOR VEHICLE FUEL
IMPOSED BY ARTICLE 56, §136 OF THE CODE; AND
(II) THE EXCISE TAX IMPOSED ON VEHICLES BY
PART II OF TITLE 13, SUBTITLE 8, OF THIS ARTICLE.
(C) SINKING FUND.
AS LONG AS ANY CONSOLIDATED TRANSPORTATION BONDS
ARE OUTSTANDING AND UNPAID, THERE SHALL BE DEPOSITED AND
MAINTAINED IN A SINKING FUND TO BE MAINTAINED BY THE
STATE TREASURER TO SECURE THE PAYMENT OF THE PRINCIPAL OF
AND INTEREST ON THE BONDS, ANNUALLY OR MORE OFTEN, AS
RECEIVED, SO SUCH OF THE PROCEEDS OF THE TAX LEVIED AND
IMPOSED UNDER THIS SECTION, TOGETHER WITH ALL OTHER FUNDS
RECEIVED BY THE DEPARTMENT AND CREDITED TO THE
TRANSPORTATION TRUST FUND, AS ARE NECESSARY TO MAINTAIN
IN THE SINKING FUND A SUM EQUAL TO THE AMOUNT REQUIRED
TO PAY THE PRINCIPAL OF AND INTEREST ON THE OUTSTANDING
AND UNPAID BONDS THAT WILL BECOME DUE AND PAYABLE IN THE
CURRENT CALENDAR YEAR AND THE NEXT SUCCEEDING CALENDAR
YEAR.
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