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MARVIN MANDEL, Governor 3225
Approved May 26, 1977.
CHAPTER 806
(House Bill 1178)
AN ACT concerning
Bond Bills — Authorization Seduction
(Community Colleges)
FOR the purpose of altering certain bond authorizations
which generally relate to regional community
colleges.
BY repealing and reenacting, with amendments,
Chapter 709 of the Acts of the General Assembly
of 1965
Section 1 and 2
BY repealing and reenacting, with amendments,
Chapter 440 of the Acts of the General Assembly
of 1969
Section 1 and 2
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SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Sections 1 and 2 of Chapter 709 of the
Acts of the General Assembly of 1965 be and they are
hereby repealed and reenacted, with amendments, to read
as follows:
Chapter 709
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Board of Public Works is hereby
authorized and directed to issue a State Loan to be known
as the "General Public Regional Community College
Construction Loan of 1965", in the aggregate sum of [Five
Million Dollars ($5,000,000)] FOUR MILLION FIVE HUNDRED
FIFTY THOUSAND DOLLARS ($4,550,000) FOUR MILLION EIGHT
HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($4,835,000).
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, are 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 is not necessary
to provide for the redemption of any part of the
principal represented by any certificates for the first
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