THEODORE R. MCKELDIN, GOVERNOR                    329

hereby repealed and a new Section 8 enacted in lieu thereof to stand
in the place of the section so repealed, all to read as follows:

5.

(j) To issue [its special obligation bonds and] its revenue bonds as
hereinafter provided;

8. (Maryland Port Authority Loan of 1958.) (a) The Board of
Public Works is hereby authorized, empowered and directed, upon
recommendation of the Authority, by resolution or resolutions duly
adopted, to issue a State loan to be known as the "Maryland Port
Authority Loan of 1958" evidenced by bonds issued at one time, or
in series from time to time, in an aggregate principal amount not
exceeding Fifteen Million Dollars ($15,000,000) for the purpose of
providing funds (i) for making the payments to the Mayor and City
Council of Baltimore which are provided for in Section 7 of this
Article, (ii) for paying the cost of any extensions, enlargements or
improvements of the existing Port facilities, and (iii) for paying the
cost of any additional Port facilities. 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, provided, 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 certificates.

(b) The Board of Public Works shall, and it is hereby authorized
and empowered to, pass a resolution or resolutions, from time to
time, determining and setting forth:

(1)   The proportion of the total loan authorized by this section
which shall be issued at any particular time;

(2)  The form of the certificates representing the loan or any
part 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 registra-
tion of any coupon certificates as to principal of loan, and for the
reconversion into coupon certificates of any certificates registered as
to principal.

(3)   The denomination or denominations of the certificates to be
issued at any particular time, which may not be less than One Hun-
dred Dollars ($100.00) but may be in sums of One Hundred Dollars
($100.00) or any suitable multiple thereof, and the place or places
of payment of principal and interest thereof.

(4)  The rate of interest of the Certificates to be issued at any
particular time not exceeding in any case 4% per annum, payable
semi-annually.

(5)   The date of the certificates issued at any particular time, and
within the limits prescribed in Article III, Section 34 of the Constitu-
tion of Maryland, the redemption dates of said certificates.

The Resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the certificates