1018                            LAWS OF MARYLAND                      [CH. 709

to be used exclusively for the purpose of financing the construction
of public regional community college buildings and facilities by
each of the counties in this State and the Mayor and City Council
of Baltimore, subject to limitations and conditions; and financing
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; and providing generally
for the issue and sale of certificates 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 Regional
Community College Construction Loan of 1965", in the aggregate
sum of Five Million Dollars ($5,000,000).

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 certifi-
cates 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 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.

(c)   The denomination or denominations of the certificates to be
issued at any particular time, which may not be 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 principal and interest thereof.

(d)   The rate of interest of the certificates to be issued at any
particular time not exceeding in any case five percentum (5%) per
annum, payable semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limit prescribed by Article III, Section 34 of the Constitu-
tion of Maryland and redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof will set forth in detail the dates when any of the certificates
representing said loan or any portion thereof are to be redeemed and
the amount to be redeemed upon such dates, respectively, according
to the serial annuity plan applied to said loan as a whole or to the