Theodore R. McKeldin, Governor                    877

The above items making an aggregate rate for State taxes of
thirteen and ninety-seven hundredths cents (13.97¢) for the year
Nineteen Hundred and Fifty-Eight (1958) on each One Hundred
Dollars ($100.00) of assessable property.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1957.

Approved April 10, 1957.

CHAPTER 532
(House Bill 156)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of Thirteen Million Five Hundred Forty five Thousand
Eight Hundred Dollars ($13,545,800) SIXTEEN MILLION,
EIGHT HUNDRED SIX THOUSAND, ONE HUNDRED DOL-
LARS ($16,806,100.00), the proceeds thereof to be used for certain
necessary building, construction, deferred maintenance, and equip-
ment purposes of this State, for acquiring certain land and pro-
viding generally for the issue and sale of Certificates of Indebted-
ness evidencing such loan, and modifying the provisions of Section
7 of Chapter 780 of the Acts of 1953, of Section 7 of Chapter 266
of the Acts of 1955, and of Section 7 of Chapter 98 of the Acts of
1956 SECTIONS 5 AND 7 OF CHAPTER 98 OF THE ACTS OF
1956.

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 1957", in the aggregate sum of Thirteen Million Five Hundred
Forty five Thousand Eight Hundred Dollars ($13,545,800) SIXTEEN
MILLION, EIGHT HUNDRED SIX THOUSAND, ONE HUNDRED
DOLLARS ($16,806,100.00).

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 certifi-
cates 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 ;

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.