776                                   LAWS OF MARYLAND                           CH. 452

purposes of State assessment and taxation only and not for purposes
of county or city assessment of taxation, all personal property, tangi-
ble or intangible, or whatever nature, excepting operating property

of railroads which are not subject to taxation under Section 130 of

this Article, and excepting operating property of other public utilities
and contract carriers. Provided, however, that this exemption shall
take effect only upon proclamation by the Governor of the adoption of

a Constitution, which omits the limitation upon the power of the

General Assembly contained in the first sentence of Section 34, Article
III of the present Constitution.

12H.

(a) There is hereby granted out of the general funds of the
State for fiscal [1967-68] 1968-69, and thereafter, to each
county of this State and to the City of Baltimore a grant which
shall equal that proportion of the State property tax collected therein
that a rate of [ten cents (10¢)] eleven cents (11¢) per one hundred
dollars ($100.00) of assessed valuation applied to the REAL prop-
erty AS DEFINED HEREINAFTER in any such county, or the
City of Baltimore, taxable at full rate for [both] State [and county]
purposes, bears to the State property tax due in such county, or
the City of Baltimore. THE REAL PROPERTY SHALL BE THAT
PART OF THE ESTIMATED BASE FOR ESTABLISHING
THE STATE TAX RATE WHICH IS DEFINED AS LAND,
IMPROVEMENTS TO LAND, LAND AND NON-OPERATING
PROPERTY OF RAILROADS, LAND AND NON-OPERATING
PROPERTY OF PUBLIC UTILITIES, OPERATING PROPERTY
OF PUBLIC UTILITIES, AND OPERATING PROPERTY OF
RAILROADS. The Director of the Department of Assessments and
Taxation shall certify to the State Comptroller of the assessed valua-
tion corrected as of May 1 of each year, upon which valuation the
calculation of the grant shall be made.

(c) In addition to the grant provided by subsection (a) of this

section, there is hereby granted out of the general funds of the
State for fiscal 1968-69 and thereafter, to each county of this State

and the City of Baltimore, a grant which shall be as to each such

(C)    THE GRANT PROVIDED BY SUBSECTION (A) OF THIS
SECTION, FOR FISCAL 1968-69 AND THEREAFTER, SHALL
BE INCREASED FOR EACH COUNTY OF THIS STATE AND
THE CITY OF BALTIMORE BY AN AMOUNT WHICH SHALL
BE AS TO EACH SUCH subdivision the lesser of Three Hundred
Thousand Dollars ($300,000) or the amount, if any, by which a levy
of three cents (3¢) per one hundred dollars ($100.00) of assessed
valuation applied to the REAL property AS DEFINED IN SUBSEC-
TION (A) OF THIS SECTION in such subdivision taxable at full
rate for State purposes is less than the revenue realized by such sub-
division (including amounts redistributed to municipalities therein)
from the taxation of shares of capital stock of commercial banks, safe
deposit and trust companies, and finance companies as defined in
Section 2 of this Article for the taxable year 1967-68, as certified by
the Director.

(D)     THE GRANT PROVIDED BY SUBSECTION (A) AND
SUPPLEMENTED BY THE GRANT PROVIDED IN SUBSEC-
TION (C) OF THIS SECTION, FOR FISCAL 1968-69 AND