Marvin Mandel, Governor                           955

Section 1. Be it enacted by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized and em-
powered to issue a State loan to be known as the "General Public
Junior or Community College Construction Loan of 1972" in the
aggregate amount of Ten Million Dollars ($10,000,000).

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 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 for₇ 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 THEREON.

(d)    The rate or rates of interest of ON 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 Con-
stitution 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 thereform 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 sub-
divisions, municipal corporations, or public agencies of any kind.

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and empowered to have prepared proper
bonds of the State in good and sufficient form to aggregate the
amount of Ten Million Dollars ($10,000,000), as evidence of such