HARRY HUGHES, Governor                                     2081

CHAPTER 589

(House Bill 1693)

AN ACT concerning

Maryland Insurance Development Fund Loan of 1969

FOR the purpose of amending the provisions of Chapter 436 of the

Acts of 1969 to cancel the authorization of a State Debt for
the Maryland Insurance Development Fund Loan of 1969 by
altering the authorized aggregate amount of the loan and
altering the aggregate amount of State Certificates of
Indebtedness authorized to evidence the loan.

BY repealing and reenacting, with amendments,

Chapter 436 of the Acts of the General Assembly of 1969
Section 1 and 2

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Chapter 436 of the Acts of 1969

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 "Maryland
Insurance Development Fund Loan of 1969," in the aggregate sum of
[five million two hundred and fifty thousand dollars

($5,250,000)] ZERO DOLLARS ($0).

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
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,

i