64 LAWS OF MARYLAND [CH. 27
Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1964.
Approved April 7, 1964.
CHAPTER 27
(Senate Bill 132)
AN ACT to authorize the creation of a State Debt in the aggregate
amount of Fifteen Million Dollars ($15,000,000), the proceeds
thereof to be used exclusively for the purpose of supplementing the
financing of the construction of public junior or community college
buildings and facilities by each of the counties in this State and
the Mayor and City Council of Baltimore; the acquisition of such
real estate or interest in lands as may be necessary in connection
therewith by each of the counties and the Mayor and City Council
of Baltimore; providing generally for the issue and sale of cer-
tificates of indebtedness 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 the "General Public Junior or
Community College Construction Loan of 1964", in the aggregate sum
of Fifteen Million Dollars ($15,000,000).
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, are 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 is not 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 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 not be 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.
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