WM. PRESTON LANE, JR., GOVERNOR 319

sand Three Hundred Dollar ($23,539,300) Construction
Fund appropriated from General Funds by Supplemental
Budget No. 2—Fiscal Year 1950, contained in Chapter
193 of the Acts of 1949.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of Public Works is hereby au-
thorized and directed to issue a State loan to be known as
the "Mental Hospital Construction Loan of 1950" in the
aggregate sum of Two Million Eight Hundred Thou-
sand Dollars ($2,800,000).

The certificates evidencing said loan may be issued all
at one time or, in groups, from time to time, as hereinafter
provided.

The Board of Public Works shall have the authority to
use any available State funds (particularly those herein-
after referred to in Section 5) for the purposes herein enu-
merated before directing the issue of all or part of the
bonds hereby authorized. All of said certificates evidenc-
ing said loan shall be issued according to what is known
as the serial annuity plan so worked out as to discharge
the principal represented by said certificates within fifteen
(15) years from the respective times of the issue of said
certificates.

The Board of Public Works shall, and is hereby author-
ized and empowered to pass a resolution 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 certificate representing the loan
or any part thereof so authorized to be issued at any
particular time, including any interest coupons to be at-
tached thereto, and provisions for the issuance of certifi-
cates in registered form, provisions for the registration
of any coupon certificates 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 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 mul-
tiple thereof, and the place or places of payment of prin-
cipal 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.