MARVIN MANDEL, Governor                      1129

Sec. 8. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.

CHAPTER 443
(Senate Bill 341)

AN ACT to authorize the creation of a State debt, in the aggregate
amount of One Hundred Twenty-five Thousand Dollars ($125,000),
ONE HUNDRED THOUSAND DOLLARS ($100,000), for the
purpose of aiding the Mayor and City Council of Baltimore in the
purchase of Mt. Royal, LOCATED AT 2001 PARK AVENUE,
BALTIMORE, MARYLAND, and adjoining lands and rehabilitat-
ing the structure and other improvements to the real property
and providing generally for the issuance and sale of Certificates
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 "Mt. Royal Acquisition Loan
of 1969," in the aggregate amount of One Hundred Twenty-five
Thousand Dollars ($125,000.00). ONE HUNDRED THOUSAND
DOLLARS ($100,000).

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 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.