872

LAWS OF MARYLAND

Ch. 120

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 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