SPIRO T. AGNEW, Governor                            11

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
1967", in the aggregate sum of Forty One Million Nine Hundred
Sixty Ono Thousand and Six Hundred Dollars ($41,961,600) FORTY
SEVEN MILLION SIX HUNDRED AND TWENTY SIX THOU
SAND TWO HUNDRED DOLLARS ($47,626,200) FORTY-EIGHT
MILLION NINE HUNDRED THOUSAND SEVEN HUNDRED
DOLLARS ($48,900,700).

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 certificates 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 em-
powered to, pass a resolution or resolutions, from time to time, deter-
mining 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 registra-
tion 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 4i^% per annum,
payable semiannually.

(e)     The date of the certificates issued at any particular time,
within the limits prescribed by Article III, Section 34 of the Constitu-
tion of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the certificates
representing said loan or any portion thereof are to be redeemed and
the amount to be redeemed upon such dates, respectively, according
to the serial annuity plan applied to said loan as a whole or to the
group of certificates evidencing a part of said loan issued at a parti-
cular time, as the case may be. Said loan and certificates and every
part thereof and the interest payable thereon shall be and remain
exempt from State, County and municipal taxation.