3008

LAWS OF MARYLAND

[Ch. 655

attaining the age of 70 and those employees who were
members as of July 1, 1965, and had attained the age of
50 as of [such] THAT date, who shall be retired not later
than on the first day of the calendar month next
following the attainment of age 64. The provisions of
this paragraph do not apply to the Superintendent.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1975.

Approved May 15, 1975.

CHAPTER 656

(House Bill 177)

AN ACT concerning

Creation of a State Debt — Nursing Home Loan of 1975

FOR the purpose of authorizing the creation of a State
Debt in the aggregate amount of [[One Million Five
Hundred Thousand Dollars ($1,500,000)]] Two Million
Five Hundred Thousand Dollars ($2,500,000 , the
proceeds thereof to be [[sued]] used for certain
State grants to certain public and other
[[nonprofit]] non-profit nursing homes, by granting
financial allotments for the construction and
equipping of these nursing homes; and providing
generally for the issue and sale of bonds evidencing
[[this]] 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 "Nursing Home Loan of 1975" in the aggregate
amount of [[One Million Five Hundred Thousand Dollars
($1,500,000)]] Two Million Five Hundred Thousand Dollars
($2,500,000) .

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