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HARRY HUGHES, Governor 2229
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 proceeding 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 Fund and shall
be applied to the debt service requirements of the State.
11S.
THAT, FOR THE FISCAL YEAR 1984, OF THE FUNDS APPROPRIATED BY
SECTION 5 OF THIS ACT FOR PROGRAM OPEN SPACE, THERE SHALL BE
ALLOCATED A TOTAL OF $11,000,000 $16,000,000 TO BE USED BY STATE
AGENCIES AND SUBDIVISIONS FOR THE FOLLOWING PROJECTS OR PURPOSES:
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