Marvin Mandel, Governor                         493

CHAPTER 179
(House Bill 314)

AN ACT to authorize the creation of a State debt in the aggregate
amount of Seventy Four Million Four Hundred Sixty Four Thou-
sand Dollars ($74,464,000) SEVENTY MILLION EIGHT
HUNDRED SIXTY SEVEN THOUSAND ONE HUNDRED
DOLLARS ($70,867,100) NINETY-FIVE MILLION FOUR
HUNDRED THIRTY THOUSAND FIVE HUNDRED DOL-
LARS ($95,430,500), the proceeds to be used for certain
necessary building, construction, demolition, planning, deferred
maintenance and equipment purposes of this State, for acquiring
certain lands and options in connection therewith, and providing
generally for the issue and sale of bonds evidencing such loan and,
for the purposes of this Act, modifying the provisions of Section 8
of Chapter 425 of the Acts of 1971, modifying the provisions of
Section 8 of Chapter 759 of the Acts of 1967, modifying the provi-
sions of Section 8 of Chapter 435 of the Acts of 1968, modifying
the provisions of Section 8 of Chapter 409 of the Acts of 1969, and
modifying the provisions of Section 8 of Chapter 101 of the Acts of
1970.

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 Construction Loan
of 1972," in the aggregate sum AMOUNT of Seventy Four Million
Four Hundred Sixty-Four thousand Dollars ($74,464,000) SEV-
ENTY MILLION EIGHT HUNDRED SIXTY SEVEN THOUSAND
ONE HUNDRED DOLLARS ($70,867,100) NINETY-FIVE MIL-
LION FOUR HUNDRED THIRTY THOUSAND FIVE HUNDRED
DOLLARS ($95,430,500).

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 princi-
pal 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 issuance of
bonds in coupon form and for the registration of coupon bonds as to
principal only.