1122                              LAWS OF MARYLAND                        CH. 588

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 Public Junior or Com-
munity College Construction Loan of 1968," 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, however, 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 regist-
ration 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 Hun-
dred 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.

The resolution authorizing the issuance of said loan or any portion
thereof will 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, accord-
ing 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
particular time, as the case may be. Said loan and certificates and
every part thereof and the interest payable thereon are and will
remain exempt from State, county and municipal taxation.

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and directed to have prepared proper
Certificates of Indebtedness of the State in good and sufficient form
to aggregate the amount of Ten Million Dollars ($10,000,000) as
evidence of such loan; such Certificates of Indebtedness are dated
as of the time of their issue as provided in Section 1 of this act. Each