68 LAWS OF MARYLAND [CH. 25

the counties in this State and by the Mayor and City Council of
Baltimore; the acquisition of such real estate or interest in lands
as may be necessary in connection therewith by each of the coun-
ties in this State and by the Mayor and City Council of Baltimore;
providing generally for the issue and sale of certificates of indebt-
edness evidencing such loan; and providing for the method by
which the financial assistance for the construction of public school
buildings and public school facilities and the purchase of public
school lands is to be afforded to each of the counties of this State
and to the Mayor and City Council of Baltimore; and to repeal
Chapter 432 of the Acts of 1961 which authorized the creation of
a State debt in the aggregate amount of Twenty Million Dollars
($20, 000, 000. 00), the proceeds thereof to be used to supplement
the financing of the construction of public school buildings and of
public school facilities in the several political subdivisions of this
State.

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 Public School
Construction Loan of 1962", in the aggregate sum of Twenty Million
Dollars ($20, 000, 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 certificate
within fifteen ⁽(15) years from the time of its issue, provided, how-
ever, 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 certificate.

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:

(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 regis-
tration 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 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
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