MARVIN MANDEL, Governor

2731

and directed to issue a State loan to be known as the
"Outdoor Recreation Land Loan of 1969," in the aggregate
amount of [[eighty two million dollars ($82,000,000)]]
[[ninety two Million dollars ($92,000.000]] eighty-eight
million dollars ($88.000.000). The certificates
evidencing said loan may be issued all at one time or, in
groups, from time to time, as hereinafter provided. All
of said certificates evidencing said loan, or any group
thereof, shall be issued according to what is known as
the serial annuity plan so worked out as to discharge the
principal represented by said certificates within fifteen
(15) years from the time of its issue; provided, however,
that it shall not be necessary to provide for the
redemption of any part of the principal represented by
any certificates for the first two (2) years from the
time of the issuance of said certificates.

The Board of Public Works shall, and 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 certificate representing
the loan or any 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
certificates in registered form, provisions for the
registration of any coupon certificates as to principal
of loan and for the reconversion into coupon certificates
of any certificates registered as to principal.

(C)    The denomination or denominations of the
certificates 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 thereof.

(D)     The rate or rates of interest of the
certificates to be issued at any particular time, payable
semi—annual1y.

(E)    The date of the certificates issued at
any particular time, and within the limits prescribed by
Article III, Section 34 of the Constitution of Maryland,
the redemption dates of said certificates.

The resolution authorizing the issuance of said loan
or any portion thereof shall set forth in detail the
dates when any of the certificates representing said loan