1598                                      LAWS OF MARYLAND                                    Ch. 563

of the Laws of Maryland of 1975)

1.

That the Board of Public Works is hereby authorized and
directed to issue a State loan to be known as the "Outdoor
Recreation Land Loan of 1969," in the aggregate amount of
[eighty-eight] FIFTY-FOUR FIFTY-SIX million dollars
[($88,000,000)] ($54,000,000 56,000,000). 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.

(D)    The rate or rates of interest of the
certificates to be issued at any particular time, payable
semi—annually.

(E)    The date of the certificates issued at any
particular time, and within the limits prescribed by Article
III, Section 34 of the Constitution of Maryland, the
redemption dates of said certificates.

The resolution authorizing the issuance of said loan or
any portion thereof shall set forth in detail the dates when
any of the certificates representing said loan or any