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HARRY HUGHES, Governor
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2073
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obtain for the same; provided they shall not be sold at a private
sale for less than par and accrued interest.
(e) That so much thereof as may be necessary, shall be paid
by the Treasurer of the State upon the warrant of the Comptroller
out of the proceeds of the sale of said certificates of
indebtedness for the payment of the expense of engraving,
printing and other outlays connected with the issue of the loan
hereby authorized, and for the payment of the advertising
directed by this section, and all other incidental expenses
connected with the execution of its provisions in connection with
said loan. The balance of the proceeds of certificates of
indebtedness issued under the provisions of this section shall be
paid to the State Treasurer and shall be paid out by the State
Treasurer upon the order of the Authority, and upon warrants of
the State Comptroller, solely for the purposes set forth in this
subtitle.
(f) Until all of the interest on and principal of any
certificates of indebtedness issued under this subtitle have been
paid in full, there is hereby levied and imposed an annual State
tax on each [one hundred dollars ($100)] $100 of assessable
property at the rate to be determined in the following manner:
On or before May 1, 1968, and on or before May 1, in each taxable
year thereafter, the Board of Public Works shall certify to the
governing bodies of each of the counties and Baltimore City the
rate of State tax on each [one hundred dollars ($100)] $100 of
assessable property necessary to produce revenues to meet all
interest and principal which will be payable to the close of the
next ensuing taxable year on all certificates theretofore issued
or theretofore authorized by resolution of the Board of Public
Works to be issued, and the governing bodies of each of the
counties and Baltimore City shall forthwith levy and collect such
tax at such rate. All matters committed by this subtitle to the
discretion of the Board of Public Works shall be determined by a
majority of said Board.
(g) In anticipation of the receipt of the proceeds of the
sale of the certificates of indebtedness authorized by this
section, the Authority may borrow money at one time or from time
to time for the purpose for which said certificates of
indebtedness are to be issued, and to provide funds for paying
the current expenses of the Authority prior to the time when
moneys will be available for such purpose under the provisions of
this section, and issue its anticipation notes for the moneys so
borrowed. Such notes may be renewed or extended from time to
time. All such notes shall be signed by the State Treasurer and
by the chairman of the Authority or with a facsimile signature of
said chairman and countersigned by the State Comptroller, and a
facsimile of the official seal of the Authority shall be
imprinted on the notes and attested by the secretary-treasurer of
the Authority. Upon the issuance of said certificates of
indebtedness a sufficient amount of the proceeds thereof
(excluding accrued interest) shall be applied to the payment of
such notes.
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