J. MILLARD TAWES, Governor                     1021

financial assistance in excess of seventy-five percent (75%) of the
cost of such project, granted as provided herein, together with
interest and carrying charges, shall be repaid to the State by such
counties or city within fifteen (15) years of the date of approval of
such agreement by the Board of Public Works; (2) such counties or
city shall share equally ON A PRO RATA BASIS in the repayment
of the amount of said excess, interest, and carrying charges; (3) if
any county or the City of Baltimore does not make, as due, any pay-
ment or payments of principal, interest, or carrying charges, the
Comptroller of the Treasury shall make all such payments of prin-
cipal, interest, or carrying charges as due and shall deduct these pay-
ments from any funds then or thereafter due to that county or the
City of Baltimore from any funds then or thereafter due to that
political subdivision under applicable provisions of State law relating
to the income tax, the tax on racing, the tax on amusements, the
license tax, or the incentive fund for school buildings; 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.

Any funds of the federal government or of any agency thereof

granted to a public regional community college shall, for the pur-

poses of this act, be considered as funds provided to such college in

equal shares by the political subdivisions supporting such college.

(d)   The agreement described in paragraph (c) of this 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.

(e)   The governing body of each of the counties 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 Board of Education or the Board of Public
Works pursuant to the provisions of this act, any other provision
of public general law or public local law to the contrary notwith-
standing.

Sec. 6. And be it further enacted. That all proceeds received
from any county or the City of Baltimore under any agreement,
entered into with such county or the City of Baltimore by the State
Board of Education on behalf of the State of Maryland under the
provisions of Section 5 of this act, shall become a part of the
Annuity Bond Fund and shall be applied to the debt service require-
ments of the State.

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 May 1, 1966, and on or before
May 1 in each 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 neces-
sary to produce revenue to meet all interest and principal which
will be payable to the close of the next ensuing taxable year on all
certificates theretofore issued or theretofore authorized by resolution