210                              LAWS OF MARYLAND                        [CH. 66

EIGHTY-EIGHT THOUSAND EIGHT HUNDRED DOLLARS

($9,488,800), the proceeds thereof to be used for certain neces-
sary buildings, construction, deferred maintenance, and equip-
ment purposes of this State, for acquiring certain land and
providing generally for the issue and sale of Certificates of Indebt-
edness evidencing such loan, and modifying the provisions of
Section 7 of Chapter 266 of the Acts of 1955, and of Section 7 of
Chapter 532 of the Acts of 1957.

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 1958", in the aggregate sum of

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NINE MILLION FOUR
HUNDRED EIGHTY-EIGHT THOUSAND EIGHT HUNDRED
DOLLARS ($9,488,800).

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
Hundred Dollars ($100) but may be in sums of One Hundred Dollars
($100) or any suitable multiple thereof, and the place or places of
payment of principal and interest thereof.

(d)   The rate of interest of the certificates to be issued at any
particular time not exceeding in any case 4% 3 1/2% per annum, pay-
able semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the