MARVIN MANDEL, Governor

1623

signature of said chairman and countersigned by the State
Comptroller, and a facsimile of the official seal of the
Authority shall be imprinted on the notes and attested by
the secretary—treasurer of the Authority. Upon the
issuance of said bonds or certificates of indebtedness a
sufficient amount of the proceeds thereof (excluding
accrued interest) shall be applied to the payment of such
notes.

§2. [§ 8A. ] Maryland Port Authority Second Loan of 1961.

(a)     Amount and purpose of loan; issuance of
certificates. —The Board of Public Works is hereby
authorized, empowered and directed, upon recommendation
of 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 Second Loan of 1961" evidenced by bonds issued
at one time, or in series from time to time, in an
aggregate principal amount not exceeding ten million
dollars ($10,000,000) 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 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.

(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
principal.

(3)     The denomination or denominations of the
certificates to be issued at any particular time, which
may not be less than one hundred dollars ($100.00) but