HARRY HUGHES, Governor                                    1423

Chapter 247 of the Acts of 1970, as amended by Chapter 4 of

the Acts of the Special Session of 1973

SECTION 4. AND BE IT FURTHER ENACTED, That the Mine
Reclamation and Water Quality Restoration Loan of 1970, § 674C of

Article 66C, Annotated Code of Maryland, be and it is hereby
repealed and re-enacted without amendment for the purpose of
transferring its provisions from the Annotated Code of Maryland

to the Session Laws, and to read as follows:

Mine reclamation and Water Quality Restoration Loan of 1970.

(a) Authority and duty of Board of Public Works to issue;
aggregate amount; serial maturity plan for issuance of
certificates; maximum term.— The Board of Public Works is hereby
authorized and directed to issue a State loan to be known as the

"Mine Reclamation and Water Quality Restoration Loan of 1970", in

the aggregate sum of [five million dollars ($5,000,000)] TWO

MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000). 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 a serial maturity plan to be
established in the resolution authorizing the issuance of said
loan or any portion thereof, which plan need not be in equal par
amounts or in consecutive annual installments but shall be 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.

(c) Preparation, form, etc. of certificates of State
indebtedness.— The Board of Public Works is hereby authorized

and directed to have prepared proper certificates of indebtedness
of the State in good and sufficient form to aggregate the amount

of [five million dollars ($5,000,000)] TWO MILLION FIVE HUNDRED

THOUSAND DOLLARS ($2,500,000), as evidence of such loan; such
certificates of indebtedness shall bear date as of the time of
their issue as provided in subsection (b) of this section. Each
of said certificates shall be signed and countersigned in the
manner prescribed by § 3 of Article VI of the Maryland
Constitution.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall

take effect June 1, 1986.
Approved May 13, 1986.