472 LAWS OF MARYLAND [CH. 109

SEC. 2. And be it further enacted, That this Act shall take
effect June 1, 1950.

Approved March 28_; 1950.

CHAPTER 109
(House Bill 179)

AN ACT to authorize the creation of a State debt in the
aggregate amount of Three Million Eight Hundred Seventy-
two Thousand Seven Hundred Dollars ($3,872,700), the pro-
ceeds thereof to be used for certain necessary building, con-
struction, deferred maintenance, and equipment purposes
of this State, for acquiring certain land and providing gen-
erally for the issue and sale of Certificates of Indebtedness
evidencing such loan.

SECTION 1. Be it enacted bt/ 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 "Gen-
eral Construction Loan of 1950", in the aggregate sum of
Three Million Eight Hundred Seventy-two Thousand Seven
Hundred Dollars ($3,872,700).

The certificates evidencing said loan may be issued all at
one time or, in groups, from time to time, as hereinafter pro-
vided. The said Board of Public Works, for the purpose of
saving interest on the bonds herein authorized, shall have the
authority in its sole discretion to use any available State
funds for the purposes herein enumerated before authorizing
and directing the issue of all or part of the bonds hereby
authorized. 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 certificates 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 certificates for the
first two (2) years from the time of the issuance of said
certificates.

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike-out indicates matter stricken out of bill.