418 LAWS OF MARYLAND [CH. 126

FULL ACCORDING TO THE TERMS THEREOF AND, IF SUCH
LOAN IS SECURED, ITS SECURITY SHALL BE SUBORDI-
NATE AND INFERIOR TO THE LIEN OR LIENS SECURING
SUCH FEDERAL FINANCIAL ASSISTANCE. HOWEVER, ANY
FUNDS LOANED UNDER THIS ACT SHALL BE REPAYABLE
PRIOR TO THE REPAYMENT OF THE EQUAL AND MATCH-
ING FUNDS PROVIDED BY THE COMMUNITY OR POLITICAL
SUBDIVISION AS DESCRIBED IN SECTION 5 OF THIS ACT;
AND IF SUCH LOAN IS SECURED, ITS SECURITY SHALL BE
SUPERIOR TO THE LIEN OR LIENS SECURING THE LOCAL
EQUAL AND MATCHING FUNDS.

SEC. 6. 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, thete 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, 1962, 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 revenues to meet all interest
and principal 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.

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

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SEC. 8. AND BE IT FURTHER ENACTED, THAT NEW SEC-
TION 42 BE AND IT IS HEREBY ADDED TO ARTICLE 19 OF
THE ANNOTATED CODE OF MARYLAND (1957 EDITION),
TITLE "COMPTROLLER", TO FOLLOW IMMEDIATELY AFTER
SECTION 41 THEREOF, AND TO BE UNDER THE NEW SUB-
TITLE "AREA REDEVELOPMENT ACT", AND TO READ AS
FOLLOWS:

AREA REDEVELOPMENT ACT

42. THE COMPTROLLER SHALL HAVE THE DUTY OF AD-
MINISTERING AND DISBURSING ANY FUNDS AUTHORIZED
BY THE STATE TO BE LOANED FOR PROJECTS UNDER
SECTION 6 (B) (9) (B) OF PUBLIC LAW 87-27, BEING AN
ACT OF THE 87TH CONGRESS OF THE UNITED STATES,
GENERALLY KNOWN AND REFERRED TO AS THE AREA
REDEVELOPMENT ACT, AS IT MAY BE AMENDED OR SUP-
PLEMENTED FROM TIME TO TIME.

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