Marvin Mandel, Governor                        1307

(1)    There shall first be determined and allocated to each county
which applies for financial assistance under this Act or to the City
of Baltimore if said city applies for financial assistance under this
Act an amount equal to ninety per cent (90%) of the total funds
distributed to said county or to said city, as the case may be, under
applicable provisions of State law relating to the income tax, the tax
on racing, the recordation tax, the tax on amusements, the license
tax and the incentive fund for school buildings SCHOOL BUILDING
CONSTRUCTION AID PROGRAM.

(2)    There shall next be determined the total amount of State
debt which could be serviced at prevailing debt service cost by the
amount allocable to each of the counties and to the City of Baltimore,
as more specifically provided in the last preceding sentence of this
subparagraph.

(3)     The amount of total State debt allocable to each of the coun-
ties and to the City of Baltimore, as provided in the last preceding
sentence of this subparagraph, shall be the limit of participation for
each of the counties applying for financial assistance under the
terms of this Act and for the City of Baltimore if said city applies
for financial assistance under the terms of this Act.

(4)    The calculations more particularly outlined in this subpara-
graph shall be made as of the date when the application for financial
assistance made by any of the counties or made by the City of Balti-
more has been received by the State Board of Education.

(d)    Each of the counties and the City of Baltimore whose re-
quest for financial assistance has been allowed, as provided in sub-
paragraph (b) of this subsection (but as limited by subparagraph
(c) of this subsection), shall execute and acknowledge in a manner
according to law an agreement which shall specify that: (1) the
amount of financial assistance allowed, as provided herein, 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 amusements, the license
tax and the incentive fund for school buildings SCHOOL BUILDING
CONSTRUCTION AID PROGRAM 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 regu-
lation of the State Board of Education, and approved by the Board
of Public Works.

(e)    The agreement described in subparagraph (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 re-
quired 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.