164                             LAWS OF MARYLAND                      [CH. 131

CHAPTER 131
(Senate Bill 291)

AN ACT to repeal and re-enact, with amendments, Section 21 IB
of Article 89B of the Annotated Code of Maryland (1964 Replace-
ment Volume and 1967 Cumulative Supplement), title "State
Roads", subtitle "State Highway Construction Bonds, Third
Issue", eliminating the maximum interest rate provision relating
to the sale of such bonds.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 211B of Article 89B of the Annotated Code of Mary-
land (1964 Replacement Volume and 1967 Cumulative Supplement),
title "State Roads", subtitle "State Highway Construction Bonds,
Third Issue", be and it is hereby repealed and re-enacted, with
amendments, to read as follows:

211B.

The bonds authorized by Section 211A of this subheading may
be issued in one or more series as the Commission may determine,
provided the issue of each series, prior to the sale thereof, shall
first be approved by resolution of the Board of Public Works. Each
such series shall bear a separate series letter in the order of the
alphabet, beginning, however, with the letter next after the one
designating the last series of bonds issued pursuant to the authority
of Section 199 of this Article. The bonds authorized by Section
211A of this subheading shall be known as "State Highway Con-
struction Bonds, Third Issue", and shall be issued by the Commis-
sion on behalf of the State of Maryland. [All of the bonds shall
bear interest at a rate or rates not exceeding five per centum (5%)
per annum,] Interest shall be payable semiannually until the respec-
tive maturities of the bonds in accordance with appropriate coupons
to be attached thereto. The bonds of each series shall be dated as
may be determined by the Commission and shall mature and be
payable as may be determined by the Commission, in equal or
varying but consecutive annual installments within a period of fifteen
(15) years from the date of issue of each such series. The bonds may
be made subject to redemption before their respective maturities, at
the option of the Commission, at such price or prices and under
such terms and conditions as may be fixed by the Commission prior
to the issuance of the bonds; provided, however, that no bonds
issued under the provisions of this subheading shall be subject to
purchase for retirement or be made redeemable at a price exceeding
the principal amount thereof together with the interest accrued
thereon to the date of such purchase or redemption, plus a premium
of five per centum (5%) of the principal amount thereof. In addition
to the foregoing, the authority conferred by Section 211A of this
subheading is subject to the express limitation that at no time
shall the aggregate principal amount of bonds issued under Section
191 and Section 199 of this Article and outstanding and unpaid
together exceed the sum of three hundred and sixty million dollars
($360,000,000.00), but this limitation shall not be construed to
mean that the total principal amount of bonds which may be issued
pursuant to said Sections 191, 199 and 211A may not exceed said
sum.