388                              Laws of Maryland                      [Ch. 120

erally for the issue and sale of bonds evidencing such loan, and
providing for a certain contingency whereby this Act may be
repealed and of no further effect.

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 "Community Mental Health
Center Components and Mental Retardation Facilities Loan of 1972"
in the aggregate sum of One Million Dollars ($1,000,000).

The certificates of indebtedness (hereafter 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 its 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 the 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 issuance of
bonds in coupon form and for the 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.

(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 Constitution 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
amount to be paid upon such dates, respectively. The bonds issued
pursuant to this Act, their transfer, the interest payable thereon, and
any income derived therefrom, including any profit realized in the
sale or exchange thereof, shall at all times be exempt from taxation
of every kind and nature whatsoever within this State by the State
of Maryland or by any of its political subdivisions, municipal cor-
porations, or public agencies of any kind.