1134 LAWS OF MARYLAND [CH. 609

000), the proceeds thereof to be used to supplement the
financing of the construction of public school buildings
and public school facilities by each of the counties in
this State and by the Mayor and City Council of Balti-
more; the acquisition of such real estate or interest in
in lands as may be necessary in connection therewith
by each of the counties in this State and by the Mayor
and City Council of Baltimore; providing generally for
the issue and sale of certificates of indebtedness evidenc-
ing such loan; and providing for the method by which
the financial assistance for the construction of public
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.

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 Construction Loan of 1953", 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 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
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 resolu-
tion 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
particular time, including any interest coupons to be
attached thereto, and provisions for the issuance of cer-
tificates in registered form, provisions for the registration
of any coupon certificate as to principal of loan and for
the re-conversion into coupon certificates of any certificates
registered as to principal.