202 LAWS OF MARYLAND [CH. 55

thereof to be used for the purpose of supplementing the
funds heretofore provided for the acquisition of a site
and erecting and equipping a new State Office Building
or buildings in Baltimore City, and One Million Dollars
($1,000,000) of the proceeds thereof to be used for the
purpose of assisting the Mayor and City Council of
Baltimore in defraying the costs of redevelopment of the
area in which any site purchased for such building may
be located.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Chapter 996 of the Acts of 1945 and Chap-
ter 49 of the Acts of 1950 be and the same are hereby
repealed.

SEC. 2. And be it further enacted, That the Board of
Public Works is hereby authorized and directed to issue a
State loan to be known as the "State Office Building Loan
of 1954", in the aggregate sum of Three Million Dollars
($3,000,000) TWO MILLION DOLLARS ($2,000,000).

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 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 author-
ized 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 certifi-
cates as to principal of loan and for the reconversion into
coupon certificates of any certificates registered as to prin-
cipal.

(c) The denomination or denominations of the certifi-
cates to be issued at any particular time, which may be not