SPIRO T. AGNEW, Governor                        991

County in the purchase of Rose Hill Manor, and adjoining lands
and rehabilitating the Manor and other improvements to the real
property and providing generally for the issuance and sale of Cer-
tificates of Indebtedness evidencing such loan.

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 "Rose Hill Manor Loan
of 1968," in the aggregate amount of One Hundred Twenty-five
Thousand Dollars ($125,000.00).

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 is-
sued according to what is known as the serial annuity plan so
worked out as to discharge the principal represented by said certifi-
cates 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
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 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 reg-
istration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates reg-
istered as to principal.

(c)  The denomination or denominations of the certificates to
be issued at any particular time, which may be not less than One
Hundred Dollars ($100.00), but may be in sums of One Hundred
Dollars ($100.00) 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 5% per annum,
payable semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limits prescribed by Article III, Section 34, of the Con-
stitution of Maryland, the 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 cer-
tificates representing said loan or any portion thereof are to be
redeemed and the amount to be redeemed upon such dates, respec-
tively, 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 certifi-
cates and every part thereof and the interest, payable thereon, shall
be and remain exempt from State, County and municipal taxation.