J. MILLARD TAWES, Governor 339

purpose of aiding in the construction of a new dormitory, AND a
new classroom building a**4 fee modernization of fee dining room
on the campus of Hood College, in Frederick, Maryland, subject to
the requirements that the said college on or before January 1, 1964,
shall have obtained elsewhere at least an equal and matching sum
for the same purposes; and providing generally for the issue and
sale of certificates of indebtedness evidencing such loan.

WHEREAS, Hood College in the City of Frederick, has had a long
and distinguished career in higher education in this State, having
for many years contributed heavily to the education of young women
in the State of Maryland; and

WHEREAS, the College urgently needs a new dormitory, a new class-
room building and the modernization of its dining room; and

WHEREAS, a State appropriation if matched by the College would
assure the construction of these needed facilities and at the same
time help to relieve the burden of heavy enrollment in the several
State-owned colleges in Maryland, now, therefore,

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 "Hood College Loan of 1962", in
the aggregate sum of Five Hundred Thousand Dollars ($500, 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 em-
powered to, pass a resolution or resolutions from time to time, deter-
mining 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 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.

(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