§ 8-134

(a) (1) Subject to the provisions of subsection (b) of this section, on or before May 1 of each year, the Board shall certify to the governing body of each county the rates of State tax on assessable property needed to meet the debt service requirements during the next taxable year on all the State bonds that the Board anticipates will be outstanding during that year.

(2) Each governing body immediately shall collect the tax at the rates the Board certifies under this section.

(b) If, on or before May 1 of any year, the Comptroller certifies to the Board that the General Assembly has appropriated enough money to meet the debt service requirements during the next taxable year on an issue of State bonds:

(1) the Board, by resolution, may determine that the tax otherwise required by the enabling act under which those State bonds are issued need not be imposed for that year; and

(2) the Governor, by proclamation issued under the resolution, shall declare that the taxes otherwise required by the enabling act may not be collected during that year.