MARVIN MANDEL, Governor                      1209

CHAPTER 500
(House Bill 610)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Ten Million Dollars ($10,000,000), the proceeds thereof
to be used exclusively for the purpose of supplementing the
financing of the construction of public junior or community
college buildings and facilities by each of the counties in this
State and the Mayor and City Council of Baltimore; the acquisi-
tion of such real estate or interest in lands as may be necessary
in connection therewith by each of the counties and the Mayor
and City Council of Baltimore; providing generally for the issue
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 "General Public Junior or
Community College Construction Loan of 1968 1969," in the aggregate
sum of Ten Million Dollars ($10,000,000).

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 certifi-
cates within fifteen (15) years from the time of its issue; provided,
however, that it is 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 is hereby authorized and empowered to
THE BOARD OF PUBLIC WORKS SHALL, AND IS HEREBY
AUTHORIZED AND EMPOWERED TO pass a resolution, or resolu-
tions 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, includ-
ing any interest coupons to be attached thereto, and provisions for
the issuance of certificates in registered form, provisions for the
registration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates
registered 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 Hun-
dred 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 percentum (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 redemption dates of said certificates.