Theodore R. McKeldin, Governor                   207

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 fee

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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 agree-
ment 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 re-
quired 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 agreements 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 Comp-
troller; 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.

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, 1956, 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 revenue to meet all interest and prin-
cipal which will be payable to the close of the next ensuing 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. Provided, however,
that the levy or levies provided for in this Section shall not be