314                              Laws of Maryland                        [Ch. 74

invalid, such invalidity shall not affect other provisions or applica-
tions thereof which can be given effect without the invalid provision
or application.

Sec. 6 7. Be it further enacted, That all laws or parts of laws,
public general or public local, inconsistent with the provisions of this
Act are repealed to the extent of the inconsistency.

Sec. 7 8. And be it further enacted, That this Act shall take effect
January 1, 1973.

Approved April 26, 1972.

CHAPTER 74
(House Bill 628)

AN ACT to authorize the creation of a State debt in the aggre-
gate amount of Three Hundred Million Dollars ($300,000,000.00)
to be known as the "State Public School Construction and Capital
Improvement Loan of 1972," the proceeds thereof to be used to
finance the construction of public school buildings and public
school capital improvements in this State, and providing gener-
ally for the issue and sale of State general obligation bonds in
connection therewith EVIDENCING SAID 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 "State Public
School Construction and Capital Improvement Loan of 1972," in the
aggregate sum AMOUNT of Three Hundred Million Dollars ($300,-
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 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 in-