Marvin Mandel, Governor                         351

Suburban Maryland share of the capital required by the Washing-
ton Metropolitan Area Transit Authority in accordance with Sec-
tions SECTION 317-18(b) of Article 41, of the Annotated Code of
Maryland (1965 Replacement Volume) and also to provide for an
advance to the Metropolitan Transit Authority of funds in the
anticipation of receipt of federal grants and to provide for the
repayment of this grant; providing certain restrictions upon the
expenditure of such funds; and providing generally for the issue
and sales SALE of Certificates of Indebtedness evidencing said
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 "Urban Mass Transit Loan
of 1970," in the aggregate amount of Twenty-Five Million Dollars
($25,000,000).

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, 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-
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 INSTALLMENTS BUT SHALL BE
SO WORKED OUT AS TO DISCHARGE THE PRINCIPAL REP-
RESENTED 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 de-
termining 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, in-
cluding any interest coupons to be attached thereto, and provisions
for the registration of any coupon certificates as to principal of

loan and for the reconversion into coupon certificates of any certifi-

cates registered as to principal:

(B) THE FORM OF THE CERTIFICATE REPRESENTING
THE LOAN OR PART THEREOF SO AUTHORIZED TO BE IS-
SUED AT ANY PARTICULAR TIME, INCLUDING ANY INTER-
EST COUPONS TO BE ATTACHED THERETO, AND PROVI-
SIONS FOR THE ISSUANCE OF CERTIFICATES IN REGIS-
TERED FORM, PROVISIONS FOR THE REGISTRATION OF
ANY COUPON CERTIFICATES AS TO PRINCIPAL OF LOAN
AND FOR THE RECONVERSION INTO COUPON CERTIFI-
CATES OF ANY CERTIFICATES REGISTERED AS TO PRIN-
CIPAL.