72 LAWS OF MARYLAND [CH. 25

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TOGETHER WITH INTEREST AND
CARRYING CHARGES, SHALL BE DEDUCTED BY THE COMP-
TROLLER OF THE TREASURY FROM FUNDS DUE SAID
COUNTIES AND CITY UNDER APPLICABLE PROVISIONS OF
STATE LAW RELATING TO THE INCOME TAX, THE TAX ON
RACING, THE RECORDATION TAX, THE TAX ON AMUSE-
MENTS, THE LICENSE TAX AND THE INCENTIVE FUND
FOR SCHOOL BUILDINGS AND SHALL BE SO DEDUCTED
WITHIN FOURTEEN (14) YEARS FROM THE DATE OF THE
ISSUANCE OF THE CERTIFICATES; AND (2) 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 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
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 Comptroller; such reserve
fund to be used only 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 fol-
lowing 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 revenue to meet all interest and
principal which will be payable to the close of the next ensuing calen-
dar year on all certificates theretofore issued or theretofore author-
ized 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 made
and the said tax or taxes shall not be collected in any year if before
January 1, 1963, and before the beginning of each year thereafter
the Board of Public Works shall ascertain as a fact upon a certified