THEODORE R. MCKELDIN, GOVERNOR 1201

CHAPTER 414
(House Bill 593)

AN ACT to authorize the creation of a State debt in the aggre-
gate amount of One Million Five Hundred Thousand Dol-
lars ($1, 500, 000), the proceeds thereof to be used for the
purpose of erecting and equipping a new building for the
School of Engineering at The Johns Hopkins University at
Homewood and providing generally for the issue and sale
of Certificates of Indebtedness evidencing such loan.

SECTION 1. Be it enacted by 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 Johns
Hopkins University Loan of 1951", in the aggregate sum of
One Million Five Hundred Thousand Dollars ($1, 500, 000).

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

The Board of Public Works shall, and is hereby authorized
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 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 reconversion into coupon cer-
tificates of any certificates registered as to principal.

(c) The denomination of the certificates to be issued at any
particular time, which may be not less than One Hundred Dol-

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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.