8 LAWS OP MARYLAND. [CH. 1

(c) The amount of financial assistance granted to any
County or to the City of Baltimore under the terms and
conditions of this Act shall in no case exceed an amount
calculated as follows:

(1) There shall first be determined and allocated to each
County which applies for financial assistance under this Act
or to the City of Baltimore if said City applies for financial
assistance under this Act an amount equal to ninety percent
(90%) of the total funds distributed to said County or to
said City, as the case may be, under the then applicable pro-
visions of State law relating to the income tax, the tax on
racing, the recordation tax, the tax on amusements, the
license tax and the incentive fund for school buildings.

(2) There shall next be determined the total amount of
State debt which could be serviced at prevailing debt service
cost by the amount allocable to each of the Counties and to
the City of Baltimore, as more specifically provided in the
last preceding sentence of this sub-paragraph.

(3) The amount of total State debt allocable to each of
the Counties and to the City of Baltimore, as provided in
the last preceding sentence of this sub-paragraph, shall be
the limit of participation for each of the Counties applying
for financial assistance under the terms of this Act and for
the City of Baltimore if said City applies for financial assis-
tance under the terms of this Act.

(4) The calculations more particularly outlined in this
sub-paragraph shall be made as of the date when the appli-
cation for financial assistance made by any of the Counties
or made by the City of Baltimore has been received by the
State Board of Education.

(d) Each of the Counties and the City of Baltimore whose
request for financial assistance has been allowed, as pro-
vided in sub-paragraph (b) of this sub-section (but as limited
by sub-paragraph (c) of this sub-section), shall execute and
acknowledge in a manner according to law an agreement
which shall specify that: (1) the amount of financial assis-
tance allowed, as provided herein, together with all interest
and carrying charges incurred or to be incurred by the State
in connection therewith, shall be repaid within fourteen (14)
years from the date of the issuance of the certificates from the
proceeds of the sale of which said financial assistance was
advanced; (2) the County or the City of Baltimore, as the case
may be, shall make a sufficient annual levy on its taxable basis
to repay in annual instalments within fourteen (14) years
from the date of the issuance of said certificates the amount
of financial assistance allowed, as provided herein, together
with all interest charges incurred or to be incurred by the
State in connection therewith; (3) the State Comptroller shall