THEODORE R. MCKELDIN, GOVERNOR 1137

SEC. 5. And be it further enacted, That the actual cash
proceeds of the sale of the Certificates of Indebtedness to
be issued under this Act shall be paid to the Treasurer of
the State upon the warrant of the Comptroller, and such
proceeds shall be used exclusively for the following pur-
poses:

1. The Comptroller shall immediately upon the sale and
the payment for said Certificates, first, return to and credit
to the Treasury for a sum equivalent to the amount ex-
pended, as provided in Section 4 of this Act.

2. The remainder of the proceeds of said loan shall be
credited on the books of the State Treasury Department to
be expended to supplement the financing of the construc-
tion of public school buildings and public school facilities,
and to supplement the cost of the acquisition of such real
estate as may be required in connection therewith by each
of the Counties in this State and by the Mayor and City
Council of Baltimore. Such financial assistance shall be
granted for the purposes stated hereinabove to each of the
Counties of this State and to the Mayor and City Council
of Baltimore upon the following terms and conditions:

(a) Whenever any county or the City of Baltimore de-
sires to participate in the financial assistance which is pro-
vided for under the terms and conditions of this Act, said
county or City, as the case may be, shall certify a state-
ment to the State Board of Education showing: (1) the
number, class, type and character of all public school build-
ings or public school facilities required by the said County
or the said City for which funds are currently unavailable;
(2) the amount, type and character of real estate necessary
in conjunction therewith; (3) the total estimated cost of
said school buildings, school facilities and real estate; (4)
the total issued and outstanding bonded indebtedness of
said County or City; (5) the total assessable taxable basis
of said County or City as determined on the last preceding
date of finality; and (6) such other information as may be
required by regulations passed by the State Board of
Education.

(b) Upon receipt of the certified statement as specified
in sub-paragraph (a) of this sub-section, the State Board
of Education shall make a written finding of fact which
shall be addressed to the Board of Public Works, said find-
ing of fact to be in the form of a recommendation to
the Board of Public Works advising said Board which
of the requests for financial assistance made by any of
the counties or made by the City of Baltimore, as
aforesaid, should be allowed and which of such requests