SPIRO T. AGNEW, Governor                      1175

CHAPTER 545
(Senate Bill 613)

AN ACT to repeal and re-enact, with amendments, Section 1 of
Chapter 621 of the Acts of 1965 as amended by Chapter 141 of
the Acts of the Regular Session of 1966 and by Chapter 3 of the
Acts of the Special Session of 1966 to correct an error in the law,
in the Act authorizing the Allegany County jail loan of 1965.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 1 of Chapter 621 of the Acts of 1965, as amended by
Chapter 141 of the Acts of the Regular Session of 1966 and by
Chapter 3 of the Acts of the Special Session of 1966, be and it is
hereby repealed and re-enacted, with amendments, to read as follows:

1.

That the Board of Public Works is hereby authorized and directed
to issue a State Loan, to be known as the "Allegany County Jail
Loan of 1965", in the aggregate amount of Two Hundred Thousand
Dollars ($200,000.00).

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, how-
ever, 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 ($100.00) but may be in sums of One Hundred Dollars
($100.00) or any suitable multiple thereof, and the place or places
of payment of principal and interest thereof.

(d)   The rate or 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 ([II] III, Section 34 of the
Constitution of Maryland the redemption dates of said certificates.