420 LAWS OF MARYLAND [CH. 128

THREE HUNDRED SIXTY-FIVE THOUSAND DOLLARS
($22,365,000), the proceeds thereof to be used for certain necessary
building, construction, deferred maintenance, and equipment pur-
poses of this State, for acquiring certain land and providing gen-
erally for the issue and sale of Certificates of Indebtedness evid-
dencing such loan, and modifying the provisions of Section 7 of
Chapter 86 of the Acts of 1960.

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 1962", in the aggregate sum of

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TWEN-
TY-TWO MILLION THREE HUNDRED SIXTY-FIVE THOU-
SAND DOLLARS ($22,365,000).

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 cer-
tificates 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 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
registration of any coupon certificates as to principal of loan and
f or the reconversion into coupon certificates of any certificates regis-
tered 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% per annum, payable
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
Constitution 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 representing said loan or any portion thereof are to be
redeemed and the amount to be redeemed upon such dates, respec-
tively, according to the serial annuity plan applied to said loan as