188                              LAWS OF MARYLAND                        [CH. 51

Sec 2. And be it further enacted, That this Act shall take effect
June 1, 1958.

Approved April 4, 1958—10:30 a.m.

CHAPTER 51
(Senate Bill 74)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of Four Million Dollars ($4,000,000), the proceeds thereof
to be used for the purpose of providing funds for the acquisition
of land and/or the purchase or erection of a building or buildings
in the City of Baltimore for the use of the Department of Employ-
ment Security and to be known as the "Department of Employ-
ment Security Building Loan of 1958", and providing generally for
the issue and sale of Certificates of Indebtedness evidencing such
loan and providing for the funds to pay the principal of and
interest on such certificates of indebtedness.

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 "Department of Employment
Security Building Loan of 1958", in the aggregate sum of Four
Million Dollars ($4,000,000.).

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 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 regis-
tration of any coupon certificates as to principal of loan and for the
reconversion into coupon certificates of any certificates registered as
to principal.

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

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.