J. MILLARD TAWES, Governor                    2095

and Seven Hundred Dollars ($23,617,700) TWENTY-SEVEN MIL-
LION FIVE HUNDRED SEVENTY-SIX THOUSAND DOLLARS
($27,576,000), 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 for razing of
the old Center Building, and providing generally for the issue and
sale of Certificates of Indebtedness evidencing such loan, and modi-
fying the provisions of Section 7 of Chapter 86 of the Acts of 1960,
Section 8 of Chapter 885 of the Acts of 1961 and Section 8 of Chap-
ter 128 of the Acts of 1962.

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 1963," in the aggregate sum of Twenty Three Million Six Hundred
Forty Seven Thousand Seven Hundred Dollars ($23,617,700)
TWENTY-SEVEN MILLION FIVE HUNDRED SEVENTY-SIX
THOUSAND DOLLARS ($27,576,000).

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; pro-
vided, 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 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
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 par-
ticular 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 Con-
stitution of Maryland, the redemption dates of said certificates.