282          Laws of Maryland         [Ch. 53

TY-THREE MILLION FIVE Hundred Twenty-Five
Thousand Dollars ($22,725,000)- ($23,525,000), the pro-
ceeds thereof to be for certain necessary building, con-
struction, deferred maintenance, and equipment purposes
of this State, for acquiring certain land and providing
generally for the issue and sale of Certificates of Indebt-
edness evidencing such loan.

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 "General Construction Loan of 1952", in the aggre-
gate sum of

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TWENTY-THREE
MILLION FIVE Hundred Twenty-Five Thousand Dollars
($22,725,000) ($23,525,000).

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 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.

The Board of Public Works shall, and is hereby au-
thorized and empowered to, pass a resolution or resolu-
tions, 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 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 certificates as to principal of loan and for the re-
conversation 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 multiple
thereof, and the place or places of payment of principal
and interest thereof.