1510                            LAWS OF MARYLAND                      [CH. 699

APPARATUS, OR ENGINES USED IN MANUFACTURING,
WHETHER TEMPORARILY IDLE OR NOT; AND ALL OTHER
PERSONAL PROPERTY USED IN OR FORMING A PART OF
THE BUSINESS OF SUCH NEW UNIT, EXPANSION UNIT,
EXTENSION OR ADDITION, EXCLUSIVE OF INVENTORY.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1967.

Approved May 4, 1967.

CHAPTER 699
(Senate Bill 632)

AN ACT to authorize the creation of a State debt in the aggregate
amount of sixty seven FIFTY million dollars ($67,000,000),
($50,000,000), the proceeds thereof, to be used for the purpose of
supplementing grant offers made to counties, municipalities, any
agency thereof or any special governmental agency which is
charged with providing sanitary facilities by the Federal govern-
ment under the Water Pollution Control Act; to be used to prepay
the Federal share of grants authorized for approved projects, and
for the purpose of abating, preventing and reducing pollution of
the waters, rivers, and streams of the State of Maryland by grant-
ing financial assistance for the construction of necessary sewage
treatment works: providing certain restrictions upon the expen-
diture of such funds; 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 "Sanitary Facilities Sewerage
Loan of 1967", in the aggregate amount of sixty-seven FIFTY
million dollars ($67,000,000). ($50,000,000).

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, shall
be issued according to what is known as the serial annuity plan so
worked out as to discharge the principal represented by said cer-
tificates 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