WM. PRESTON LANE, JR., GOVERNOR. 1183

repaid, together with interest and carrying charges, with-
in fifteen (15) years from the date of the signing of said
agreement; (2) each of the Counties and the City of Bal-
timore, as the case may be, shall make a sufficient annual
levy on its taxable basis to repay in annual installments
the mount of financial assistance granted, as provided here-
in, together with interest and carrying charges, within
fifteen, (15) years from the date of the signing of said
agreement; (3) the State Comptroller shall be authorized
and empowered to withhold and apply to amounts due the
State under such agreement any and all funds allocable to
the Counties and to the City of Baltimore under applicable
provisions of the State law relating to the income tax, the
tax on racing, the recordation tax, the tax on amusements,
the incentive fund for school buildings, and the license tax
in each and every year that the said County or the City
of Baltimore has defaulted in any payment, as required
•under the terms of the agreement called for by this sub-
paragraph of this sub-section; and (4) such other terms
and conditions as may be required by regulation of the
State Board of Education, and approved by the Board of
Public Works.

(e) The agreement described in sub-paragraph (d)
of this sub-section, shall be signed on behalf of the State of
Maryland by the State Board of Education, and shall be
approved by the Board of Public Works.

(f) The governing body of each of the counties in this
State and the Mayor and City Council of Baltimore are
hereby authorized and empowered to enter into any and all
contracts or agreements required under the terms of this
Act, or which may be required by regulations duly pro-
mulgated by the State Department of Education or the
Board of Public Works pursuant to the provisions of this
Act, any other provisions of public general law or of public
local law to the contrary notwithstanding.

SEC. 6. And be it further enacted, That all proceeds
received from the counties of this State which
have been granted financial assistance under the provisions
of this Act and from the City of Baltimore if said
City has been granted financial assistance under this Act,
under agreements signed with the aforesaid counties or the
aforesaid City, all as more particularly provided in Sec-
tion 5 of this Act, shall be deposited in a reserve fund by
the State Comptroller; such reserve fund to be only used
for the payment of the principal and interest on any and all
certificates issued by the State of Maryland pursuant to
the terms of this Act.