566                              Laws of Maryland                       [Ch. 422

of said tax on net income of certain corporations and from said
payments by the Authority into the Annuity Bond Fund; to repeal
and re-enact, with amendments, Section 288 (f) of Article 81 of
said Code (1957 Edition, as amended), title "Revenue and Taxes",
sub-title "Income Tax", providing that amounts received from pro-
ceeds of the tax imposed by that Section upon the net income of
certain corporations shall be applied to payment of the principal
of and interest on the State debt authorized by this Act, subject
to the prior use and application thereof for the purpose of com-
plying with the provisions of Section 8 of said Article 62B, and
that the balance be paid into the Maryland Port Authority Fund.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 8A be and it is hereby added to Article 62B of the
Annotated Code of Maryland (1957 Edition and 1960 Supplement),
title "Maryland Port Authority", to follow immediately after Section
8 of said Article, and to read as follows:

8A.

(a)  The Board of Public Works is hereby authorized, empowered
and directed, upon recommendation of the Authority, by resolution
or resolutions duly adopted, to issue a State loan to be known as the
"Maryland Port Authority Second Loan of 1961" evidenced by bonds
issued at one time, or in series from time to time, in an aggregate
principal amount not exceeding Ten Million Dollars ($10,000,000)
for the purpose of providing funds (i) for making the payments to
the Mayor and City Council of Baltimore which are provided for in
Section 7 of this Article, (ii) for paying the cost of any extensions,
enlargements or improvements of the existing Port facilities, and
(iii) for paying the cost of any additional Port facilities. The certifi-
cates evidencing said loan may be issued all at one time, or, in
groups, from time to time, as hereinafter provided. All of said cer-
tificates 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.

(b)  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:

(1)   The proportion of the total loan authorized by this section
which shall be issued at any particular time;

(2)  The form of the certificates representing the loan or any part
so authorized to be issued at any particular time, including any in-
terest 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 for the reconver-
sion into coupon certificates of any certificates registered as to prin-
cipal.

(3) The denomination or denominations of the certificates to be
issued at any particular time, which may not be less than One Hun-
dred Dollars ($100.00) but may be in sums of One Hundred Dollars
($100.00) or any suitable multiple thereof, and the place or places of
payment of principal and interest thereof.