1648                             Laws of Maryland                      [Ch. 634

ual's background to determine the appropriate salary that should be
paid to the individual based on his prior training and experience.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1972.

Approved May 26, 1972.

CHAPTER 634
(House Bill 497)

AN ACT to authorize and direct the Board of Public Works to issue
THE CREATION OF a State loan to be known as the "Home Fi-
nancing Authority Loan" DEBT in the aggregate sum AMOUNT
of Fifty TEN Million Dollars ($50,000,000 $10,000,000.), the pro-
ceeds to be used to provide mortgage money for disadvantaged and
low income citizens of Maryland, and providing generally for the
issue and sale of bonds evidencing such loan.

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 "Home
Financing Authority Loan OF 1972," in the aggregate sum AMOUNT
of Fifty TEN Million Dollars ($50,000,000 $10,000,000.).

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
as Serial Bonds providing for annual payments on principal and
interest, which payments may, but need not, be in equal amounts

each year and 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 pro-
vide for the redemption of any part of the principal represented by
any certificates for the first two (2) years from the time of the issu-
ance 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 part

thereof so authorized to be issued at any particular time, including

any interest coupons to be attached thereto, and provisions for the
issuance of certificates in registered form, provisions for the regis-
tration of any coupon certificates as to principal of loan and for the
reconversion into coupon certificates of any certificates registered as

to principal.

(c) The denomination or denominations of the certificates 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