952                             LAWS OF MARYLAND                      [CH. 539

Sec. 4. And be it further enacted, That the sum of Ten Thousand
Dollars ($10,000), or so much thereof as may be necessary, shall be
paid by the Treasurer of the State upon the warrant of the Comp-
troller out of the proceeds of the sale of said bonds or Certificates of
Indebtedness, for the payment of the expense of engraving, printing
and other outlays connected with the issue of the loan hereby au-
thorized and for the payment of the advertising directed by this Act,
and all other incidental expenses connected with the execution of its
provisions in connection with said loan.

Sec. 5. And be it further enacted, That the actual cash proceeds
of the sale of the Certificates of Indebtedness to be issued under this
Act shall be paid to the Treasurer of the State upon the warrant of
the Comptroller and such proceeds shall be used exclusively for the
following purposes, to wit:

The Comptroller shall immediately upon the sale of and payment
for said certificates, first return to and credit the Treasury for a
sum equivalent to the amount expended as provided for in Section 4
of this Act; the remainder of the proceeds of said loan shall be
credited on the books of the State Treasury Department, to be used
as needed by the State, upon approval by the Board of Public Works
to aid in financing up to five per centum (5%) of any project under
section 6 of public law 87-27 (The Area Redevelopment Act) within
an officially designated redevelopment area for the purchase, lease,
or development of land and facilities (including, in cases of demon-
strated need, machinery and equipment) for industrial or com-
mercial usage, including the construction of new buildings, the re-
habilitation of abandoned or unoccupied buildings, and the altera-
tion, conversion, or enlargement of existing buildings. These pur-
poses are as provided in 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 supplemented
from time to time; and the provisions and purposes of said Public
Law 87-27, as it may be amended or supplemented from time to time,
are incorporated by reference in this Act insofar as they may affect
the purposes and procedures for lending funds under the provisions
of this Act. Without impairing the generality of the preceding sen-
tence, it is specifically provided that for the purposes of this Act, a
"redevelopment area" is as designated from time to time by the
Secretary of Commerce under said Public Law 87-27, as it may be
amended or supplemented from time to time and it is further specifi-
cally provided that only those projects authorized under Section 6
of Public Law 87-27 shall be eligible for loans under this Act.

The State of Maryland shall not lend for any one project with
funds secured from the certificates of indebtedness issued under this
Act, a sum of money which exceeds an amount equal to five per cen-
tum (5%) of the total cost of the project as approved by the Area
Redevelopment Administration for loan purposes under their pro-
gram. No loan made hereunder shall be made at a rate of interest
greater than four per centum (4%). The issue of the bonds or cer-
tificates of indebtedness authorized by this Act and the lending of the
proceeds thereof for the purpose of this Act are contingent upon the
provision 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