THEODORE R. MCKELDIN, GOVERNOR 13
CHAPTER 7*
(Senate Bill 95)

AN ACT to authorize the creation of a State Debt in the
aggregate amount of

[Strike-through, see page image for text]

FIFTEEN MILLION FORTY THOUSAND NINE
HUNDRED AND FIFTY DOLLARS ($15,040,950),
the proceeds thereof to be used for certain necessary
building, construction, deferred maintenance, and equip-
ment purposes of this State, for acquiring certain land
and providing generally for the issue and sale of Cer-
tificates of Indebtedness evidencing such loan.

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 Construction Loan of 1953", in the aggre-
gate sum of

[Strike-through, see page image for text]

FIFTEEN MILLION FORTY THOUSAND
NINE HUNDRED AND FIFTY DOLLARS ($15,040,950).

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.

*This bill was printed in the Session Laws as Chapter 780 of the
Acts of 1953. Three items in the bill were vetoed by the Governor,
being indicated by footnote references in the 1953 Session Laws. The
veto of one item was sustained, and two items were passed over the
Governor's veto, as indicated by appropriate footnotes herein.

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.