Marvin Mandel, Governor                          1411

Chapter 403 of the Acts of 1969

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 Sixty Million Dollars
($60,000,000). The certificates evidencing said loan may be issued
all at one time or, in groups, from time to time, as hereinafter pro-
vided. All of said certificates evidencing said loan, or any group
thereof, shall be issued [according to what is known as the serial
annuity plan] 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 consecu-
tive annual installments 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
represented by any certificates for the first two (2) years from the
time of the issuance 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. [, according
to the serial annuity plan applied to said loan as a whole or to the
group of certificates evidencing a part of said loan issued at a par-
ticular time, as the case may be] Said loan and certificates and every
part thereof and the interest payable thereon shall be and remain
exempt from State, County and municipal taxation.

Chapter 409 of the Acts of 1969
1.

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] according
to a serial maturity plan to be established in the resolution author-
izing the issuance of said loan or any portion thereof, which plan
need not be in equal par amounts or in consecutive annual install-
ments but shall be so worked out as to discharge the principal repre-
sented 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 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. [, according
to the serial annuity plan applied to said loan as a whole or to the
group of certificates evidencing a part of said loan issued at a par-
ticular time, as the case may be] Said loan and certificates and every
part thereof and the interest payable thereon shall be and remain
exempt from State, county and municipal taxation.