Ch. 501                              MARVIN MANDEL, Governor                                1121

(b)  Upon receipt of the certified statement as specified in subparagraph (a) of
this subsection, the State Board of Education shall make a written finding of fact
which shall be addressed to the Board of Public Works, said finding of fact to be
in the form of a recommendation to the Board of Public Works, advising said
Board which of the requests for financial assistance made by any of the counties or
made by the City of Baltimore, as aforesaid, should be allowed and which of such
requests for financial assistance should be denied. In making the aforesaid finding
of fact, the State Board of Education shall, at the request of the Board of Public
Works, determine a priority of need for school buildings as between any county in
the State or as between any county in the State and the City of Baltimore. No
grant of financial assistance as provided for in this Act shall be allowed until such
grant has been finally ratified and approved by the Board of Public Works. The
decision of the Board of Public Works in this regard shall be in such form as the
said Board shall deem advisable and proper and shall be final and conclusive upon
all parties concerned.

(c)  The amount of financial assistance granted to any county or to the City of
Baltimore under the terms and conditions of this Act shall in no case exceed an
amount calculated as follows:

(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 percent
(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, and the license tax.

(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 in this subparagraph.

(3)  The amount of total State debt allocable to each of the counties 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 subparagraph 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 Baltimore has been received by the State
Board of Education.

(d)  Each of the counties and the City of Baltimore whose request for financial
assistance has been allowed, as provided in subparagraph (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 Comptroller 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,]) and the license tax 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 regulation of the State Board of Education, and
approved by the Board of Public Works.

(e)   The agreement described in subparagraph (d) of this subsection shall be
signed on behalf of the State of Maryland by the State Board of Education, and