THEODORE R. MCKELDIN, GOVERNOR 1139

execute and acknowledge in a manner according to law an
agreement which shall specify that: (1) the amount of
financial assistance allowed, as provided herein, shall be
repaid, together with interest and carrying charges, within
fifteen (15) years from the date of the signing of said
agreement; (2) each of the Counties and the City of Balti-
more, as the case may be, shall make a sufficient annual
levy on its taxable basis to repay in annual installments
the amount of financial assistance granted, as provided
herein, 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 condi-
tions 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
promulgated 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 agree-
ments signed with the aforesaid counties or the aforesaid
City, all as more particularly provided in Section 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 cer-