J. MILLARD TAWES, Governor                       491

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

Sec. 8. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved April 29, 1966.

CHAPTER 231
(Senate Bill 280)

AN ACT to authorize the creation of a State debt in the aggregate
amount of one million dollars (1,000,000.00) for the purpose of
aiding in the expansion of the Walters Art Gallery in Baltimore
City, subject to the requirements that on or before July 1, 1968,
the Mayor and City Council of Baltimore shall provide the sum of
one million dollars ($1,000,000.00) for this purpose and that on or
before said date the Walters Art Gallery shall provide the sum of
two million dollars ($2,000,000.00) from other sources for this
purpose; and providing generally for the issue and sale of certif-
icates 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 "Walters Art Gallery Loan of
1966," in the aggregate sum of One Million Dollars ($1,000,000.00).

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 certifi-
cates 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 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.