SPIRO T. AGNEW, Governor                         679

Sec. 2. 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 "Nursing Home Loan of 1968",
in the aggregate sum of Three Million, Five Hundred Thousand
Dollars ($3,500,000).

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 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 certifi-
cates 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 [of] or
any part thereof so authorized to be issued at any particular time,
including any interest coupons to be attached thereto, and provi-
sions for the issuance of certificates in registered form, provisions
for the registration of any coupon certificates as to principal of
loan and for the reconversion into coupon certificates of any certifi-
cates 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 and rates of interest of the certificates to be issued
at any particular time not exceeding in any case four per cent (4%)
FIVE PER CENT (5%) per annum, payable semiannually.

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

The resolution authorizing the issuance of said loan or any por-
tion 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, re-
spectively, 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 particular 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 taxa-
tion.

Sec. 3. 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