J. MILLARD TAWES, Governor 79

WHEREAS, to accomplish this purpose, Washington College urgently
needs to increase its dining hall facilities, library facilities, class room
facilities, and further, needs to provide adequate maintenance shops
and an auditorium—fine arts building, which also could be made
available as an attractive and well-appointed meeting place for groups
of 1, 000 persons, or less, filling a real need in this respect on the
Eastern Shore; and

WHEREAS, Washington College has been a vital part of the State
college system for 180 years, having been created by Chapter 8 of
the Acts of 1782; and

WHEREAS, Washington College is the only private educational in-
stitution of higher learning on the Eastern Shore, and it is considered
that State-aid to private institutions which relieve the burden on
State institutions is an economical means of fulfilling the State's
obligation to provide higher education to its citizens; and

WHEREAS, in the judgment of the General Assembly of Maryland,
the work of Washington College has been of such benefit to the people
of the State of Maryland as to warrant assistance from the State in
the construction of additional facilities to meet the need in providing
higher education for the increased number of Maryland citizens who
will be seeking admission to colleges in the immediate future; 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 "Washington College Loan of
1962", in the aggregate sum of

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EIGHT HUNDRED TWENTY-FIVE THOUSAND DOLLARS
($825, 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 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;

(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
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