Marvin Mandel, Governor                        1633

1.

That the Board of Public Works is hereby authorized and directed
EMPOWERED to issue a State Loan, to be known as the "Harford
County Jail Loan of 1969," in the aggregate amount of [six hundred
thousand dollars ($600,000)] eight hundred thousand dollars
($800,000), , INCLUDING LOANS BOTH HERETOFORE AND
HEREAFTER ISSUED PURSUANT TO THE PROVISIONS OF
THIS ACT.

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 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, provisions for the
registration 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 be not less than one hun-
dred dollars ($100.00) but may be in sums of one hundred dollars
($100.00) 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 5½% per annum,
payable semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limits prescribed by Article in, Section 34 of the Consti-
tution 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,
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 particular 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.