1266                           LAWS OF MARYLAND                      [CH. 714

and that new Section 7A be and it is hereby added to said Chapter
138 of the Laws of 1964, to follow immediately after Section 7
thereof, and all to read as follows:

138.

Sec. 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] two separate and distinct State loans, desig-
nated loan "A" and loan "B" each in the aggregate sum of twenty-
five million dollars, together to be known as the "Hospital Con-
struction Loan of 1964" in the aggregate sum of Fifty Million
Dollars ($50,000,000).

The certificates evidencing said loans may be issued all at one
time or, in groups, from time to time, as hereinafter provided. All
of said certificates evidencing said loans 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 certifi-
cates 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 of each loan authorized by this
Act which shall be issued at any particular time.

(b)     The form of the certificates representing the loans 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 regis-
tered 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
principal 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
Constitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loans, or any por-
tion thereof, shall set forth in detail the dates when any of the
certificates representing said loans, or any portion thereof, are to be
redeemed, and the amount to be redeemed upon such dates, re-
spectively, according to the serial annuity plan applied to said loans
as a whole or to the group of certificates evidencing a part of said