810                                        LAWS OF MARYLAND                                Ch. 361

CHAPTER 361
(House Bill 1465)

AN ACT to authorize the creation of a State debt in the aggregate amount of Two
Hundred and Twenty Million Dollars ($220,000,000.00) to be known as the
"State Public School Construction and Capital Improvement Loan of 1973,"
the proceeds thereof to be used to finance the construction of public school
buildings and public school capital improvements in this State, and providing
generally for the issue and sale of [[State general obligation 11 bonds evidencing
said loan.

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 "State Public School
Construction and Capital Improvement Loan of 1973," in the aggregate amount of
Two Hundred and Twenty Million Dollars ($220,000,000.00).

The certificates of indebtedness (hereinafter called "bonds") evidencing 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 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 thereon.

(d)  The rate or rates of interest 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 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