1444 LAWS OF MARYLAND [CH. 698
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 "St. John's College Loan
of 1963," in the aggregate sum of Five Hundred Thousand Dollars
($500,000.00) SEVENTY-FIVE THOUSAND DOLLARS ($75,000).
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 cer-
tificates 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, in-
cluding 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 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
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,
respectively, according to the serial annuity plan applied to said
loan as a whole or to the group of certificates evidencing a part
of said loan issued at a particular time, as the case may be.
Said loan and certificates and every part thereof and the interest
payable thereon shall be and remain exempt from State, County and
municipal taxation.
Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and directed to have prepared proper
|