1132                            LAWS OF MARYLAND                     [CH. 444

SEC. 6. And be it further enacted, That until all of the interest
on and principal of any certificates issued under this Act have been
paid in full, there is hereby levied and imposed an annual State tax
on each $100 of assessable property at the rate to be determined in
the following manner: on or before May 1, 1970 and on or before
May 1 in each taxable year thereafter, the Board of Public Works
shall certify to the governing bodies of each of the Counties and
Baltimore City the rate of State tax on each $100 of assessable
property necessary to produce revenues to meet all interest and
principal which will be payable to the close of the next ensuing tax-
able year on all certificates theretofore issued or theretofore author-
ized by resolution of the Board of Public Works to be issued, and
the governing bodies of each of the Counties and Baltimore City
shall forthwith levy and collect such tax at such rate.

All matters committed by this Act to the discretion of the Board
of Public Works shall be determined by a majority of said Board.

Sec. 7. And be it further enacted, That this Act shall take effect
July JUNE 1, 1969.

Approved May 2, 1969.

CHAPTER 444
(Senate Bill 402)

AN ACT to authorize the creation of a State debt, in the aggre-
gate amount of Three Hundred Sixty-five Thousand Dollars
($365,000.00), providing the State's share of the cost of certain
eligible shore erosion control projects and providing generally for
the issuance and sale of Certificates of Indebtedness and 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 "Shore Erosion Control Loan
of 1969," in the aggregate amount of Three Hundred Sixty-five Thou-
sand Dollars ($365,000.00).

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 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 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.