1178 LAWS OF MARYLAND. [CH. 488

financing of the construction of public school buildings
and public school facilities by each of the counties in this
State and by the Mayor and City Council of Baltimore;
the acquisition of such real estate or interest in lands
as may be necessary in connection therewith by each of
the counties in this State and by the Mayor and City
Council of Baltimore; providing generally for the issue
and sale of certificates of indebtedness evidencing such
loan; and providing for the method by which the finan-
cial assistance for the construction of public school
buildings and public school facilities and the purchase of
public school lands is to be afforded to each of the coun-
ties of this State and to the Mayor and City Council
of Baltimore.

SECTION 1. Be it enacted 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
Public School Construction Loan of 1949", in the aggregate
sum of Fifty Million Dollars ($50, 000, 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 re-
conversion 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