716                    Laws of Maryland                      [Ch. 350

for students. Any political subdivision may levy and appropriate
funds to pay the [thirty per cent (30%)] share of the political sub-
divisions for its residents who attend a community college in another
political subdivision.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971.

Approved May 6, 1971.

CHAPTER 350
(Senate Bill 203)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Fifteen Million Dollars ($15,000,000), the proceeds
thereof to be used to supplement the financing of the construction
of public junior or community college buildings and facilities by
each of the counties in this State and the Mayor and City Council
of Baltimore, and to supplement the financing of the acquisition
of such real estate of interest OR INTERESTS in lands as may be
necessary in connection therewith by each of the counties and the
Mayor and City Council of Baltimore, and providing generally for
the issue and sale of Certificates of Indebtedness BONDS evi-
dencing such loan.

Section 1. Be it enacted by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized and empowered
to issue a State loan to be known as the "General Public Junior or
Community College Construction Loan of 1971," in the aggregate
sum AMOUNT of Fifteen Million Dollars ($15,000,000).

The certificates of indebtedness (hereinafter called "bonds") evi-
dencing said loan may be issued all at one time or, in groups, from
time to time, as hereinafter provided. All of said bonds 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 installments but
shall be so worked out as to discharge the principal represented by
said bonds within fifteen (15) years from the date of issue. It shall
not be necessary to provide for the redemption or PAYMENT OF
any part of the principal represented by any OF SAID bonds for
the first two (2) years from the time DATE of the issuance, of said

bonds.

The Board of Public Works 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 bond 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 issu-