1378                           LAWS OF MARYLAND                     [CH. 587

CHAPTER 587
(Senate Bill 179)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Sixteen Million Five Hundred Thousand Dollars
($16,500,000.), the proceeds thereof to be used for the purpose
of providing the balance of payments due on the purchase of
Friendship International Airport by the State from the Mayor
and City Council of Baltimore; and 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 Friendship International
Airport Purchase Loan of 1969 in the aggregate sum of Sixteen
Million Five Hundred Thousand Dollars ($16,500,000.).

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 cer-
tificates within fifteen (15) years from the time of its issue; pro-
vided, however, that it shall not be necessary to provide for the
redemption of any part of the principal represented by any certifi-
cates 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 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 5% per annum,
payable semi-annually; and

(e)   The date of the certificates issued at any particular time,
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the cer