838                              LAWS OF MARYLAND                      [CH. 504

SEC. 2. And be it further enacted, That this Act shall take effect
June 1, 1966.

Approved May 6, 1966.

CHAPTER 504
(Senate Bill 2)

AN ACT to authorize the creation of a State debt in the aggregate
amoung of Thirty Five Million Seven Hundred Seventy Nine Thou-
sand and One Hundred Dollars ($35,779,100), AMOUNT OF
THIRTY-NINE MILLION FOUR HUNDRED EIGHTY-SIX
THOUSAND AND SEVEN HUNDRED DOLLARS ($39,486,700)
the proceeds thereof to be used for certain necessary building,
construction, planning, deferred maintenance and equipment pur-
poses of this State, for acquiring certain land and options in con-
nection therewith, and providing generally for the issue and sale
of Certificates of Indebtedness evidencing such loan, and, for the
purposes of this Act, modifying the provisions of SECTION 8 OF
CHAPTER 903 OF THE ACTS OF 1963, AND Section 8 of Chapter
159 of the Acts of 1964, and Section 8 of Chapter 743 of the Acts
of 1965.

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 Construction
Loan of 1966," in the aggregate sum of Thirty Five Million Seven
Hundred Seventy Nine Thousand and One Hundred Dollars ($35,
779,100). THIRTY-NINE MILLION FOUR HUNDRED EIGHTY-
SIX THOUSAND AND SEVEN HUNDRED DOLLARS ($39,486,-
700).

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 certif-
icates 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 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 reg-
istration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates registered
as to principal.