MARVIN MANDEL, Governor                                2601

AN ACT concerning

Creation of A State Debt — Home Financing

FOR the purpose of authorizing the creation of a State
debt in the aggregate amount of [[Fifty Million
Dollars ($50,000,000)]] Twenty Million Dollars
($20,000,000), the proceeds thereof to be used to
provide mortgage money for disadvantaged and low
income citizens of Maryland, and providing generally
for the issue and sale of bonds evidencing such
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 "Home Financing Loan of 1974" in the
aggregate amount of [[Fifty Million Dollars
($50,000,000)]] Twenty Million Dollars ($20,000,000).

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