316                             LAWS OF MARYLAND                      [CH. 117

under each of the State loans herein specified, then the Board of
Public Works may certify to the governing bodies of each of the
counties and Baltimore City a rate of State tax less than that herein
fixed on each $100.00 of assessable property actually necessary to
produce the revenue to meet such interest and principal payments
on such certificates of indebtedness issued under each of said State
loans.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1964.

Approved April 7, 1964.

CHAPTER 117
(House Bill 5)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of Five Hundred Thousand Dollars ($500,000.00) the pro-
ceeds thereof to be used exclusively for the purpose of supple-
menting the financing of the construction, improvement, and
development of airports and airport facilities by each of the
counties and municipalities in this State and the City of Baltimore,
subject to limitations and conditions, including the acquisition of
such property as may be necessary in connection therewith, and to
provide generally for the issue and sale of certificates of indebted-
ness evidencing such 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 "Airport Development Program
and Construction Loan of 1964," in the aggregate sum of Five Hun-
dred Thousand Dollars ($500,000.00). 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 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. The Board of Public Works 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
is 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 registra-
tion of any coupon certificates as to principal of loan and for the
reconversion into coupon certificates of any certificates registered as
to principal.