414 LAWS OF MARYLAND [CH. 126

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WHEREAS, ANY PORTION OF THE STATE WHICH HAS
BEEN OFFICIALLY DESIGNATED UNDER THE AREA REDE-
VELOPMENT ACT AS AN AREA OF SUBSTANTIAL AND PER-
SISTENT UNEMPLOYMENT IS ELIGIBLE FOR CERTAIN
BENEFITS; AND

WHEREAS, THE COST OF THESE BENEFITS IS RELATIVE-
LY LITTLE TO THE STATE AND ITS POLITICAL SUBDIVI-
SIONS; AND

WHEREAS, It is vital to the State of Maryland and to the welfare
of its people and of its political subdivisions that this State partici-
pate in the programs and benefits of the Area Redevelopment Act;
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 "Area Redevelopment Loan
of 1962", in the aggregate sum of One Million Dollars ($1, 000, 000).
FIVE HUNDRED THOUSAND DOLLARS ($500, 000. 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 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 registra-
tion of any coupon certificates as to principal of loan and for the re-
conversion 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-
dred 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 par-