WM. PRESTON LANE, JR., GOVERNOR. 1219

financing of the construction of public school buildings
and public school facilities and the acquisition of such
real estate or interest in lands as may be necessary in
connection therewith for each of the counties of the
State and for the Mayor and City Council of Baltimore;
providing generally for the issue and sale of certificates
of indebtedness evidencing such loan; providing for the
method by which the financial assistance for the con-
struction of school buildings and public school facilities
and the purchase of public school lands is to be afforded
to each of the counties of this State and to the Mayor
and City Council of Baltimore, including the terms and
conditions which each county and the City of Baltimore
must meet to obtain the financial assistance all as more
particularly set out in this Act.

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 Assistance Loan of 1949", in the aggregate
sum of Twenty Million Dollars ($20, 000, 000).

The certificates evidencing said loan may be issued all
at one time, or in groups, from time to time, as herein-
after 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 discharge the principal represented by said certificate
within fifteen (15) years from the time of its issue, pro-
vided, 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 recon-
version into coupon certificates of any certificates regis-
tered as to principal.