4 LAWS OF MARYLAND. [CH. 1

and directed to issue a State loan to be known as the "Gen-
eral Public School Construction Loan of 1949", in the aggre-
gate sum of Fifty Million Dollars ($50,000,000.00).

The certificates evidencing said loan may be issued all at
one time or, in groups, from time to time, as hereinafter pro-
vided. 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 discharge the
principal represented by said certificate within fifteen (15)
years from the time of its issue, provided, however, that it
shall not be necessary for the State to redeem 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 resolu-
tion 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 particular
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 certifi-
cate as to principal of the loan and for the reconversion into
coupon certificates of any certificates registered as to prin-
cipal.

(c) The denomination or denominations of the certificates
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, Section
34 of the Constitution of Maryland the redemption dates of
said certificates.

The resolution or resolutions authorizing the issuance of said
loan or any portion thereof shall set forth in detail the dates
when any of the certificates representing said loan or any por-
tion thereof are to be redeemed and the amount to be redeemed
upon such dates, respectively, according to the serial annuity
plan applied to said loan as a whole or to the group of