1304                             Laws of Maryland                       Ch. 533

and providing for the method by which the financial assistance
for the construction of public school buildings and public school
facilities and the purchase of public school lands is to be afforded
to each of the counties of this State and the Mayor and City Council
of Baltimore.

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 School
Construction Loan of 1970," in the aggregate sum of Fifty Million
Dollars ($50,000,000.00).

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 a serial maturity plan to be established in the resolution
authorizing the issuance of said loan or any portion thereof, which
plan need not be in equal par amounts or in consecutive annual in-
stallments but shall be 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 repre-
sented 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 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 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, payable semi-annually.

(e)    The date of the certificates issued at any particular time, and
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 certificates
representing said loan or any portion thereof are to be redeemed and
the amount to be redeemed upon such dates, respectively. Said loan
and certificates and every part thereof and the interest payable
thereon shall be and remain exempt from State, county and municipal
taxation.