MARVIN MANDEL, Governor                        1119

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 Regional
Community College Construction Loan of 1969," in the aggregate
sum of Five Million Dollars ($5,000,000). THREE MILLION DOL-
LARS ($3,000,000).

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
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; pro-
vided, however, that it is not 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
is 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 regis-
tration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates regis-
tered 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
Hundred 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 per centum
(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, THE redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof will 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
certificates and every part thereof and the interest payable thereon
are and will SHALL BE AND 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