HARRY HUGHES, Governor

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(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 paragraph,
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 the City applies for
financial assistance under the terms of this Act.

(4)  The calculations more particularly outlined
in this paragraph 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 paragraph (b) of this section (but as limited by
paragraph (c) of this section), 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 as specified by the Board of Public Works,
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 14 years from the date
of the issuance of the certificates; and (2) 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 paragraph (d) 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.

(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 required 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.

(g)  All proceeds received from the counties of this
State which have been granted financial assistance under the
provisions of this Act and from the City of Baltimore if the
City has been granted financial assistance under this Act,
under agreements signed with the counties or the City all as
more particularly previously provided in this Act, shall be
deposited in an annuity bond fund by the State Comptroller,
such fund to be used only for the payment of the principal
and interest on any and all bonds issued by the State of
Maryland pursuant to the terms of this Act.