2148

LAWS OF MARYLAND

Ch. 523

Pursuant to the policy that unnecessary authorizations
to borrow should be repealed, the General Assembly, by
Chapter 563 of 1979, reduced the total authorization to
borrow for Program Open Space from $88,000,000 to
$56,000,000, thereby leaving an outstanding aggregate loan
authorization of $36,000,000.

The General Assembly now believes that the total
authorization to borrow for Program Open Space should be
further reduced from $56,000,000 to $20,000,000 in equal
annual amounts through 1990, thereby reducing the total
authorization to the $20,000,000 which has actually been
issued. $20,000,000 in equal annual amounts through 1990,
thereby reducing the total authorization to the $20,000,000
which has actually been issued $38,000,000.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That chapter(s) of the Acts of the General
Assembly be repealed, amended, or enacted to read as
follows:

Chapter 403 of the Acts of 1969, as amended by
Chapter 563 of the Acts of 1979

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
fifty-six million dollars ($56,000,000)] WHICH IS SPECIFIED
IN THE SCHEDULE PROVIDED IN SECTION 2A OF THIS ACT. WHICH IS
SPECIFIED IN THE SCHEDULE PROVIDED IN SECTION 2A OF THIS ACT

OF THIRTY EIGHT MILLION DOLLARS ($38,000,000). 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