1442                            LAWS OF MARYLAND                       CH. 714

(c)    Each of the counties, municipalities, and the City of Balti-
more whose request for financial assistance has been allowed, as
provided in paragraph (b) of this section, shall execute and acknowl-
edge in a manner according to law an agreement which shall specify
that: The amount of financial assistance allowed, as provided herein,
together with interest and carrying charges, shall be repaid to the
State under such terms and conditions as may be required by regula-
tions of the State Aviation Commission and approved by the Board
of Public Works. If any of the counties, municipalities and the
City of Baltimore do not make, as due, all such payments for financial
assistance, as provided herein, of principal, interest, and carrying
charges, the Comptroller of the Treasury shall make all such pay-
ments of principal, interest and carrying charges as due and shall
deduct these payments from any funds then or thereafter due to
that county, municipality or City of Baltimore from any funds then
or thereafter due to that political subdivision under applicable pro-
visions of state law relating to the income tax, the tax on racing,
the recordation tax, the tax on amusements and the license tax.

(d)    The agreement described in paragraph (c) of this section
shall be signed on behalf of the State of Maryland by the State
Aviation Commission, and shall be approved by the Board of Public
Works.

(e)    The governing body of each of the counties, municipalities
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 Aviation Commission or
the Board of Public Works pursuant to the provisions of this act,
any other provisions of public general law or public local law to
the contrary notwithstanding.

Sec. 6. And be it further enacted, That all proceeds received
from the counties, municipalities and the City of Baltimore which
have been granted financial assistance under the provisions of this
act, under agreements signed with the aforesaid counties, munici-
palities or City of Baltimore, as provided in Section 5 of this act,
shall be deposited in the Annuity Bond Fund by the State Comp-
troller; such fund to be used only for the repayment of the principal
and interest on any and all certificates issued by the State of Mary-
land.

Sec. 7. And be it further enacted, That until all of the interest
on and principals of any certificates issued under this act have been
paid in full, there is hereby levied and imposed an annual State tax
on each One Hundred Dollars ($100) of assessable property at the
rate to be determined in the following manner: On or before May
1, 1969, and on or before May 1st of each taxable year thereafter,
the Board of Public Works shall certify to the governing bodies of
each of the counties and of Baltimore City the rate of State tax on
each One Hundred Dollars ($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 taxable year on all certif-
icates theretofore authorized by resolution of the Board of Public
Works to be issued, and the governing bodies of each of the counties,
municipalities, and Baltimore City will forthwith levy and collect
such a tax at such a rate.