1170                            LAWS OF MARYLAND                     [CH. 652

Section 1. It is the intent of this Act that funds authorized
shall be used primarily to provide nursing home facilities for patients
certified for welfare assistance and persons of low income and that
such funds shall be made available according to established priority
formulae, giving first priority to sponsors in areas in which the unmet
need for nursing home facilities for these patients is greatest.

Sec. 2. 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 "Nursing Home Loan of
1966," in the aggregate sum of Three Million, Five Hundred Thou-
sand Dollars ($3,500,000).

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 cer-
tificates within fifteen (15) years from the time of its issue; provided,
however, that it shall not be necessary to provide for the redemp-
tion 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,
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 certificate representing the loan of 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.

(d)    The rate AND RATES of interest of the certificates to be
issued at any particular time not exceeding in any case four per cent
(4%) 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
Constitution of Maryland, and redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof shall 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, accord-
ing 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