WILLIAM DONALD SCHAEFER, Governor Ch. 596

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] SUBTITLE 2 OF TITLE 13 OF
THE TAX-PROPERTY ARTICLE 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] SUBTITLE 2 OF TITLE 13 OF
THE TAX-PROPERTY ARTICLE.

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,
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] SUBTITLE 2 OF TITLE 13 OF THE
TAX-PROPERTY ARTICLE 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.

Chapter 403 of the Acts of the General Assembly of 1969

(As amended by Chapter 481 of the Acts of the

General Assembly of 1973 and Chapter 647 of the

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