872                              LAWS OF MARYLAND                      [CH. 403

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 "Outdoor Recreation Land
Loan of 1969," in the aggregate amount of One Hundred Seven
Million Five Hundred thousand Dollars ($107,500,000) SIXTY MIL-
LION DOLLARS ($60,000,000). All of the Certificates evidencing
this loan, or any group thereof, shall be issued on the full faith and
credit of the State 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 shall not be necessary to provide for the
redemption of any part of the principal represented by any Cer-
tificates for the first two (2) years from the time of the issuance of
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 FIF-
TEEN (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 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, includ-
ing any interest coupons to be attached thereto, and provisions for
the issuance of certificates in registered form, provision PROVI-
SIONS 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
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 and OR rates of interest of the certificates to be
issued