1546                           LAWS OF MARYLAND                      [CH. 710

CHAPTER 710
(House Bill 18)

AN ACT to add new Section 8B to Article 62B of the Annotated
Code of Maryland (1966 Supplement), title "Maryland Port Au-
thority," to follow immediately after Section 8A thereof, to au-
thorize the creation of a State debt in the aggregate amount of
Fifty Million Dollars ($50,000,000), the proceeds thereof to be
used for acquisition of and improvement to certain port facilities,
said debt being payable from the proceeds of the tax on net income
of certain corporations previously provided for, subject to the prior
use and application thereof for the purpose of complying with the
provisions of Section 8 and 8A of said Article, and from the pro-
ceeds of a tax on assessable property hereby levied to an extent
necessary to pay the principal of and interest on said debt not
paid from the proceeds of said tax on net income of certain corpo-
rations, providing that amounts received from proceeds of the tax
imposed upon the net income of certain corporations shall be ap-
plied first to payments of principal of and interest on the State
debt authorized by this Act, and the balance to be paid into the
Maryland Port Authority Fund.

Section 1. Be it enacted by the General Assembly of Maryland,
That new Section 8B be and it is hereby added to Article 62B of
the Annotated Code of Maryland (1966 Supplement), title "Mary-
land Port Authority," to follow immediately after Section 8A thereof,
and to read as follows:

Maryland Port Authority Loan of 1967
8B.

(a)    The Board of Public Works is hereby authorized, empowered
and directed, upon recommendation of the Authority, by resolution
or resolutions duly adopted, to issue a State loan to be known as
the "Maryland Port Authority Loan of 1967" evidenced by bonds
issued at one time, or in series from time to time, in an aggregate
principal amount not exceeding Fifty Million Dollars ($50,000,000)
for the purpose of providing funds (i) for paying the cost of any
extensions, enlargements or improvements of the existing Port
facilities, and (ii) for paying the cost of any additional Port facil-
ities. 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-
cate 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.

(b)    The Board of Public Works shall, and it is hereby author-
ized and empowered to, pass a resolution or resolutions, from time
to time, determining and setting forth:

(1) The proportion of the total loan authorized by this section
which shall be issued at any particular time;