HARRY HUGHES, Governor

2025

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 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