J. MILLARD TAWES, Governor 483
CHAPTER 2?8
(Senate Bill 253)
AN ACT to authorize the creation of a State debt in the aggregate
amount of five hundred and ten thousand dollars ($510,000.00)
for the purpose of aiding in the construction of an addition to
the library, a Lecture Hall for Sciences and a Fine Arts Building,
on the campus of Goucher College in Towson, subject to the
requirements that the said college, on or before January 1, 1968,
shall have attained elsewhere at least an equal and matching sum
for the same purposes, exclusive of any federal funds that are or
may become available; and providing generally for the issue and
sale of certificates of indebtedness evidencing this 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 "Goucher College Loan of
1966", in the aggregate sum of Five Hundred and Ten Thousand
Dollars ($510,000.00).
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 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 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 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
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 AND RATES of interest of the certificates to be
issued at any particular time not exceeding in any case 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 Consti-
tution of Maryland the redemption dates of said certificates.
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