20 LAWS OF MARYLAND. [CH. 8

CHAPTER 8
(Senate Bill 8)

AN ACT to authorize the creation of a State debt in the
aggregate amount of Five Hundred Twenty-five Thousand
Dollars ($525,000), the proceeds thereof to be used for con-
structing, improving, equipping and furnishing the Com-
mittee and other rooms, including the House and Senate
Chamber, for the General Assembly and the executive offices
in the State House and Court of Appeals Building, includ-
ing a tunnel to connect the State House and Court of Ap-
peals Building, and providing generally for the issue and
sale of certificates of indebtedness evidencing such loan.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of Public Works is hereby authorized
and directed to issue a State loan to be known as the "State
House Improvement Loan of 1948", in the aggregate sum of
Five Hundred Twenty-five Thousand Dollars ($525,000).

The certificates evidencing said loan may be issued all at
one time or from time to time, as hereinafter provided. All of
said certificates evidencing said loan shall be issued accord-
ing to what is known as the serial annuity plan so worked
out as to discharge the principal represented by said cer-
tificates within fifteen (15) years from the time of its issue,
provided, how-ever, 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 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 certificate
as to principal of loan and for the reconversion into coupon
certificates of any certificates registered as to principal.

(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.