J. MILLARD TAWES, Governor 417

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THE STATE OF MARYLAND SHALL NOT LEND FOR ANY
ONE PROJECT WITH FUNDS SECURED FROM THE CERTIFI-
CATES OF INDEBTEDNESS ISSUED UNDER THIS ACT, A
SUM OF MONEY WHICH EXCEEDS AN AMOUNT EQUAL TO
FIVE PER CENTUM (5%) OF THE TOTAL COST OF THE
PROJECT AS APPROVED BY THE AREA REDEVELOPMENT
ADMINISTRATION FOR LOAN PURPOSES UNDER THEIR
PROGRAM. NO LOAN MADE HEREUNDER SHALL BE MADE
AT A RATE OF INTEREST GREATER THAN FOUR PER
CENTUM (4%). THE ISSUE OF THE BONDS OR CERTIFI-
CATES OF INDEBTEDNESS AUTHORIZED BY THIS ACT AND
THE LENDING OF THE PROCEEDS THEREOF FOR THE
PURPOSE OF THIS ACT ARE CONTINGENT UPON THE PRO-
VISION OF AT LEAST AN EQUAL AND MATCHING SUM, BY
THE POLITICAL SUBDIVISION IN WHICH THE PROJECT OR
REDEVELOPMENT AREA IS LOCATED. The Board of Public
Works shall not pass a resolution providing for the issue of any
part or all of the bonds or certificates of indebtedness authorized
by this Act, and the Board of Public Works shall not approve the
expenditure of any part or all of the proceeds of these bonds or
certificates of indebtedness, unless and until the Board receives assur-
ances satisfactory to it that this equal and matching sum for the
project

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THE USE AND EXPENDITURE OF FUNDS DERIVED FROM
THE BONDS OR CERTIFICATES OF INDEBTEDNESS AU-
THORIZED BY THIS ACT, ARE SUBJECT TO AND DEPEN-
DENT UPON PRIOR APPROVAL OF THE PROJECT INVOLVED
BY THE DEPARTMENT OF ECONOMIC DEVELOPMENT OF
THIS STATE AND BY THE FEDERAL AREA DEVELOP-
MENT ADMINISTRATOR IN THE DEPARTMENT OF COM-
MERCE, AS PROVIDED IN PUBLIC LAW 87-27.

SEC. 6. AND BE IT FURTHER ENACTED, THAT IN ORDER
TO SATISFY THE INTENT OF SECTION 6 (B) (9) (B) OF
PUBLIC LAW 87-27, THE FUNDS LOANED UNDER THIS ACT
SHALL BE REPAYABLE ONLY AFTER THE FEDERAL FI-
NANCIAL ASSISTANCE EXTENDED HAS BEEN REPAID IN