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MARVIN MANDEL, Governor 3227
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prescribed by Section 3 of Article VI of the Maryland
Constitution.
SECTION 2. AND BE IT FURTHER ENACTED, That Sections
1 and 2 of Chapter 440 of the Acts of the General
Assembly of 1969 be and they are hereby repealed and
reenacted, with amendments, to read as follows:
Chapter 440
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 1969," in the aggregate sum of
[Three Million Dollars (43,000,000)] EIGHT HUNDRED FIFTY
THOUSAND COLLARS ($850,000).
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.
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(d) The rate or rates of interest of the
certificates to be issued at any particular time not
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