366                             LAWS OF MARYLAND                      [CH. 138

for this financing program; and relating generally to the Maryland
Hospital Commission and to the construction, expansion, reloca-
tion, replacement, or modernization of hospital buildings, facilities
and equipment belonging to certain voluntary non-profit hospitals
in this State.

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 "Hospital Construction Loan
of 1964" in the aggregate sum of Seventy-five Million Dollars
($75,000,000). FIFTY MILLION DOLLARS ($50,000,000).

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 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 shall, and is hereby authorized and
empowered, to pass a resolution or resolutions from time to time, de-
termining 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 certificates 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 reg-
istered as to principal.

(c)   The 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 prin-
cipal 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
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.

The resolution authorizing the issuance of said loan, or any por-
tion thereof, shall set forth in detail the dates when any of the cer-
tificates representing said loan, or any portion thereof, are to be
redeemed, and the amount to be redeemed upon such dates, respec-
tively, 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 certifi-
cates, and every part thereof, and the interest payable thereon shall
be and remain exempt from State, County and municipal taxation.