J. MILLARD TAWES, Governor                      885

counties in this State and by the Mayor and City Council of Balti-
more; providing generally for the issue and sale of certificates of
indebtedness evidencing such loan; and providing for the method
by which the financial assistance for the construction of public
school buildings and public school facilities and the purchase of
public school lands is to be afforded to each of the counties of this
State and to the Mayor and City Council of Baltimore.

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 School
Construction Loan of 1965", in the aggregate sum of Fifty Million
Dollars ($50,000,000.00).

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 certificate
within fifteen (15) years from the time of its issue, provided, how-
ever, that it shall not be necessary to provide for the redemption of
any part of the principal represented by any certificate for the first
two (2) years from the time of the issuance of said certificate.

The Board of Public Works shall and it 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
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, 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 be not 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.

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

(e)  The date of the certificates issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Consti-
tution 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 loans 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-