J. MILLARD TAWES, Governor                      953

authorized by this Act, and the Board of Public Works shall not ap-
prove the expenditure of any part or all of the proceeds of these
bonds or certificates of indebtedness, unless and until the Board
receives assurances satisfactory to it that this equal and matching
sum for the project is being or will be provided. The equal and
matching sum may be provided by the political subdivision in which
the project or redevelopment area is located; or it may be provided
by any combination of public and private contributions by or on be-
half of the political subdivision.

The use and expenditure of funds derived from the bonds or cer-
tificates of indebtedness authorized by this Act, are subject to and
dependent upon prior approval of the project involved by the De-
partment of Economic Development of this State and by the Federal
Area Redevelopment Administrator in the Department of Commerce,
as provided in public law 87-27.

Sec. 6. And be it further enacted, That in order to satisfy the
intent of Section 6 (B) (9) (B) of Public Law 87-27, the funds
loaned under this Act shall be repayable only after the Federal
Financial Assistance extended has been repaid in full according to
the terms thereof and, if such loan is secured, its security shall be
subordinate and inferior to the lien or liens securing such federal
financial assistance. However, any funds loaned under this Act shall
be repayable prior to the repayment of the equal and matching
funds provided by the community or political subdivision as de-
scribed in Section 5 of this Act; and if such loan is secured, its
security shall be superior to the lien or liens securing the local equal
and matching funds.

Sec. 7. And be it further enacted, That until all of the interest
on and principal of any certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each $100 of assessable property at the rate to be determined in
the following manner: on or before December 1, 1963, and on or
before December 1 in each calendar 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 $100 of
assessable property necessary to produce revenues to meet all inter-
est and principal which will be payable to the close of the next ensu-
ing calendar 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 Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

Sec. 8. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved April 30, 1963.

CHAPTER 540
(Senate Bill 325)

AN ACT to repeal Section 216A of the Code of Public Local Laws of
Harford County (1957 Edition, being Article 13 of the Code of