2698                                                 LAWS OF MARYLAND                          [Ch. 803

FOR the purpose of authorizing the creation of a State
debt in the aggregate amount of One Billion Nine
Hundred Thousand Dollars [[($1,900,000.00)]]
($1,900,000), to be known as the "Montgomery County
Detention Center Loan of 1974," the proceeds thereof
to be used for the purpose of providing a State
grant to assist in the construction, renovation,
improvement and equipping of the existing Montgomery
County Detention Center, including the payment of
architects1 and engineers' fees, subject to the
requirement that Montgomery County shall provide at
least an equal and matching sum for the same
purpose, and providing generally for the issue and
sale of bonds evidencing [(said]] 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 "Montgomery County Detention Center Loan of
1974," in the aggregate amount of One Million Nine
Hundred Thousand Dollars [[($1,900,000.00)]]
($1,900,000) .

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.