1048                           LAWS OF MARYLAND                     [CH. 420

tificates of indebtedness issued hereunder then outstanding, if so
authorized, or paid to the annuity bond fund account for the payment
of the principal and interest of the bonded indebtedness of the State.]

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.

CHAPTER 420
(Senate Bill 566)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Six Million Five Hundred Thousand Dollars ($6,500,
000), TWO MILLION DOLLARS ($2,000,000), the proceeds
thereof to be made part of the Industrial Project Mortgage Insur-
ance Fund established by Section 266S of Article 41 of the Anno-
tated Code of Maryland (1968 Cumulative Supplement) of the
Maryland Industrial Development Financing Authority and to be
subject to all of the terms, conditions, and purposes of the Mary-
land Industrial Development Financing Authority contained in
said Article, as amended; and providing generally for the issue
and sale of Certificates of Indebtedness evidencing this 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 "State Industrial Develop-
ment Fund Loan of 1969," in the aggregate sum of Six Million Five
Hundred Thousand Dollars ($6,500,000). TWO MILLION DOL-
LARS ($2,000,000).

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, 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, how-
ever, 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 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 regis-
tration of any coupon certificates as to principal of loan and for the
reconversion into coupon certificates of any certificates registered
as to principal.