SPIRO T. AGNEW, Governor                      1401

CHAPTER 654
(Senate Bill 86)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of Ten Million Dollars ($10,000,000), the proceeds thereof
to be used exclusively for the purpose of supplementing the financ-
ing, the construction of and equipment for area vocational
schools by each of the counties in this State and the Mayor and
City Council of Baltimore; the acquisition of such real estate or
interest in lands as may be necessary in connection therewith by
each of the counties and the Mayor and City Council of Baltimore;
and providing generally for the issue and sale of certificates of
indebtedness evidencing such 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 "Area Vocational School Con-
struction Loan of 1967", in the aggregate sum of Ten Million Dollars
($10,000,000).

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, are 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 is not 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 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
is 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 not be 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 or rates of interest of the certificates to be issued at
any particular time not exceeding in any case five percentum (5%)
per annum, payable semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limit prescribed by Article III, Section 34 of the Con-
stitution of Maryland and redemption dates of said certificates.