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2071
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HARRY HUGHES, Governor
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(a) The Board of Public Works shall, upon recommendation of
the Authority and upon submission of a plan established to the
satisfaction of the Board of adequate support and participation
in the market by the food industry, by resolution or resolutions
duly adopted, issue a State loan to be known as "The Greater
Baltimore Region Consolidated Wholesale Food Market Loan"
evidenced by certificates of indebtedness issued at one time, or
in series from time to time, in an aggregate principal amount not
exceeding [four million dollars ($4,000,000)] $4,000,000 for the
purpose of providing funds for use by the Authority in carrying
out the purposes of this subtitle. 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)] 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)] 2 years
from the time of the issuance of said certificates.
(b) 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)] $100 but may be in sums
of [one hundred dollars ($100)] $100 or any suitable multiple
thereof, and the place or places of payment of principal and
interest thereof.
(4) The rate or rates of interest of the certificates
to be issued at any particular time not exceeding in any case
[four and one-half per centum (4 1/2%)] 4 1/2 PERCENT per annum,
payable semiannually.
(5) The date of the certificates issued at any
particular time, and within the limits prescribed by Article III,
§ 34 of the Constitution of Maryland, the redemption dates of
said certificates.
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