J. MILLARD TAWES, Governor                      269

MENT, AS SUCH VEHICLES AND EQUIPMENT ARE ENU-
MERATED IN SECTION 326 (G) OF ARTICLE 81 OF THE
ANNOTATED CODE OF MARYLAND (1961 CUMULATIVE
SUPPLEMENT), SHALL NOT BE INCREASED BY THIS ACT.

Sec. 4. And be it further enacted, That new Sections 211A - 211G,
inclusive, be and they are hereby added to Article 89B of said Code
(1957 Edition and 1963 Supplement), title "State Roads," subtitle
"Bonds, Notes or Other Evidence of Indebtedness," to follow im-
mediately after Section 211 thereof, to be under the new subheading
"State Highway Construction Bonds, Third Issue," and to add new
Sections 211H-211L, inclusive, to said Article of said Code, to follow
immediately after Section 211G thereof and to be under the new sub-
title "Expenditure of Commission's Funds and Programming and
Scheduling of Highway Projects," and all to read as follows:

Article 89B

State Highway Construction Bonds, Third Issue
211A. Authorization of issue.

In order to finance, in part, (1) the rehabilitation and reconstruc-
tion of substandard roads in the State highway system, both primary
and secondary, to meet present and future needs, and (2) the develop-
ment and construction in new locations of roads made mandatory by
traffic demands, to become parts of the primary and secondary
systems of the State highway system, the State Roads Commission
of Maryland is hereby authorized and empowered, subject to the
limitations contained in Section 211B of this subheading and subject
to the approval of the Board of Public Works, as hereinafter pro-
vided, at any time and from time to time after June 1, 1966, by
resolution to borrow money and evidence said borrowing by the issue
of its serial maturity coupon bonds in the form and manner pre-
scribed by Section 211D of this subheading and to provide for the
payment of the principal and interest of the bonds from the taxes
pledged thereto by Section 211F of this subheading.

211B. Issue in series; designation; terms; limitation of amount
outstanding.

The bonds authorized by Section 211A of this subheading may be
issued in one or more series as the Commission may determine, pro-
vided the issue of each series, prior to sale thereof, shall first be
approved by resolution of the Board of Public Works. Each such
series shall bear a separate series letter in the order of the alphabet,
beginning, however, with the letter next after the one designating
the last series of bonds issued pursuant to the authority of Section
199 of this Article. The bonds authorized by Section 211A of this
subheading shall be known as "State Highway Construction Bonds,
Third Issue," and shall be issued by the Commission on behalf of the
State of Maryland. All of the bonds shall bear interest at a rate or
rates not exceeding five per centum (5%) per annum, payable semi-
annually until the respective maturities of the bonds in accordance
with appropriate coupons to be attached thereto. The bonds of each
series shall be dated as may be determined by the Commission and
shall mature and be payable as may be determined by the Commis-
sion, in equal or varying but consecutive annual installments within