Marvin Mandel, Governor                           99

CHAPTER 32
(House Bill 858)

AN ACT to authorize the creation of a State debt in the aggregate
amount of One Million Five Hundred Thousand Dollars ($1,500,-
000) to be known as the "Provident Hospital Loan of 1971," the
proceeds thereof to be used as loan funds to assist in financing
expenses incurred in constructing, equipping, opening, and oper-
ating the new Provident Hospital, and providing generally for the
issue and sale of State general obligation bonds EVIDENCING
SAID LOAN in connection therewith.

Section 1. Be it enacted by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized and directed
EMPOWERED to issue a State loan to be known as the "Provident
Hospital Loan of 1971," in the aggregate sum AMOUNT of One
Million Five Hundred Thousand Dollars ($1,500,000).

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 issu-
ance 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 payment of any part of the principal
represented by any of said bonds for the first two (2) years from the
date of issuance.

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-
ance of bonds in coupon form and for registration of coupon bonds
as to principal only.

(c)    The denomination or denominations of the bonds to be issued
at any particular time, which may not be less than One Hundred
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 THEREON.

(d)     The rate or rates of interest of the bonds to be issued at any
time, payable semi-annually.

(e)    The date of the bonds issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Consti-
tution of Maryland, the payment dates of said bonds.

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the bonds
representing said loan or any portion thereof are to be paid and the