5210

VETOES

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 County Board of Education 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 90 percent of
the total funds distributed to said county or to said City,
as the case may be, under application 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 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 paragraph.

(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
County Boards of Education 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 County Boards of Education or made by the City of
Baltimore has been received by the Interagency committee on
School Construction.

(5) Notwithstanding any other provisions of this
subsection, the Financial Assistance granted to any County
Board of Education or to the Mayor and City Council of
Baltimore under the terms and conditions of this Act shall
in no case exceed an amount greater than 25 percent of the
aggregate principal amount of the Supplemental Public School
Construction and Capital Improvement Loan of 1982.

(d) Each of the counties and County Boards of
Education 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