1618

LAWS OF MARYLAND

Ch. 608

THAT, WITH RESPECT TO REVENUE BONDS, THEY MEAN THE
MARYLAND TRANSPORTATION AUTHORITY.

SECTION 2. AND BE IT FURTHER ENACTED, That Sections
8, 8A, 8B and 18(a) of Article 62B - Maryland Port
Administration, of the Annotated Code of Maryland (1972
Replacement Volume and 1975 Supplement) be and they are
hereby repealed and reenacted, with amendments, and
transferred from the Annotated Code of Maryland to the
Session Laws, to read as follows:

MARYLAND PORT AUTHORITY LOANS

§1 [§ 8.] Maryland Port Authority Loan of 1958.

(a) Amount and purpose of loan; issuance of
certificates. —The Board of Public Works is hereby
authorized, empowered and directed, upon recommendation
to the MARYLAND PORT Authority (HEREINAFTER,
"AUTHORITY"), by resolution or resolutions duly adopted,
to issue a State loan to be known as the "Maryland Port
Authority Loan of 1958" evidenced by bonds issued at one
time, or in series from time to time, in an aggregate
principal amount not exceeding fifteen million dollars
($15,000,000) for the purpose of providing funds (i) for
making the payments to the mayor and city council of
Baltimore which are provided for in ARTICLE 62B, § 7 of
[this article] THE ANNOTATED CODE OF MARYLAND (1957
EDITION, AS AMENDED), (ii) for paying the cost of any
extensions, enlargements or improvements of the existing
port facilities, and (iii) for paying the cost of any
additional port facilities. 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 certificate 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 certificate
for the first two (2) years from the time of the issuance
of said certificates.

(b) Resolution as to details of issuance. —The
Board of Public Works shall, and it is hereby authorized
and empowered to, pass a resolution or resolutions, from
time to time, determining and setting forth:

(1)   The proportion of the total loan authorized by
this section which shall be issued at any particular
time.

(2)   The form of the certificates representing the
loan or any part 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