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2033
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HARRY HUGHES, Governor
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participation for each of the 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 county boards of
education or made by the City of Baltimore has been received by
the Interagency Committee on School Construction.
(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 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
the Interagency Committee on School Construction, 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
Interagency Committee on School Construction, and shall be
approved by the Board of Public Works.
(f) The governing body of each of the counties and county
boards of education 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 the Interagency Committee
on School Construction or by 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 county counties whose
boards of education 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.
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