950                             LAWS OF MARYLAND                      [CH. 539

CHAPTER 539
(Senate Bill 299)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Two Hundred Fifty Thousand Dollars ($250,000.00)
for the purpose of aiding in financing certain projects within re-
development areas, all as more particularly described herein, under
Public Law 87-27, being an Act of the 87th Congress of the United
States generally known and referred to as the Area Redevelopment
Act, as it may be amended or supplemented from time to time;
providing generally for the terms and conditions of creating this
debt and for expending funds thereunder; providing generally for
the issue and sale of certificates evidencing this loan.

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 "Area Redevelopment Loan of
1963", in the aggregate sum of Two Hundred Fifty Thousand Dol-
lars ($250,000.00).

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 certifi-
cates within fifteen (15) years from the time of its issue; provided,
however, that it shall not be necessary to provide for the redemp-
tion of any part of the principal represented by any certificates for
the first two (2) years from the time of the issuance of said cer-
tificates.

The Board of Public Works shall, and is hereby authorized and em-
powered to, pass a resolution or resolutions from time to time, deter-
mining 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 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 par-
ticular time not exceeding in any case 4% per annum, payable
semiannually.

(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.