1706 LAWS OF MARYLAND. [CH. 694

SECTION 1. Be it enactcd by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized and
directed to issue a State loan to be known as the "General
Construction Loan of 1947", in the aggregate sum of
Eleven Million Six Hundred Ninety-five Thousand Dollars
($11,695,000).

The certificates evidencing said loan may be issued all
at one time or, in groups, from time to time, as hereinafter
provided. All of said certificates evidencing said loan, or
any group thereof, shall be issued according to what is
known as the serial annuity plan so worked out as to dis-
charge the principal represented by said certificate within
fifteen (15) years from the time of its issue, provided,
however, that it shall not be necessary to provide for the
redemption of any part of the principal represented by any
certificate for the first two (2) years from the time of the
issuance of said certificate.

The Board of Public Works or a majority of them shall,
and are hereby authorized and empowered to pass a reso-
lution or resolutions, from time to time, determining and
setting forth:

(a) The proportion of the total loan authorized by this
Act which shall be issued at any particular time;

(b) The form of the certificates representing the loan
or any part thereof so authorized to be issued at any par-
ticular time, including any interest coupons to be attached
thereto, and provisions for the issuance of certificates in
registered form, provisions for the registration of any
coupon certificate as to principal of loan and for the recon-
version into coupon certificates of any certificates regis-
tered as to principal.

(c) The denomination or denominations of the certifi-
cates to be issued at any particular time, which may be
not less than One Hundred-Dollars ($100) but may be
in sums of One Hundred Dollars ($100) or any suitable
multiple thereof, and the place or places of payment of
principal and interest thereof.

(d) The rate of interest of the certificates to be issued
at any particular time not exceeding in any case 3% per
annum, payable semi-annually.

(e) The date of the certificates issued at any particular
time, and within the limits prescribed by Article III, Sec-
tion 34 of the Constitution of Maryland the redemption
dates of said certificates.

The Resolution authorizing the issuance of said loan or
any portion thereof shall set forth in detail the dates when