WILLIAM DONALD SCHAEFER, Governor                    Ch. 311

of Baltimore City repayable from assets and revenues as provided
in the loan agreement. However, notwithstanding any other
provision of law, a loan to Baltimore City, Baltimore County,
Prince George's [County] COUNTY, or any municipal corporations,
under this subtitle may be undertaken or entered into by the
counties, municipal corporations, or Baltimore City pursuant to
and within the limitations of this subtitle without regard to any
limitations set forth in its charter or other applicable public
local or public general law that would otherwise apply, and
without complying with any procedures set forth in its charter or
other applicable public local or public general law that would
otherwise be required. The Secretary, upon the sale of any part
of the land secured by a loan agreement and prepayment of
principal as provided in this subtitle, shall execute a partial
release of such land from the lien of the loan agreement.

[12-412.] 5-412.

Each subdivision is hereby authorized to issue general
obligation bonds or otherwise borrow money in an amount not
exceeding one half of one percent of the total assessed value of
property located within the subdivision subject to taxation at
the full tax rate of the subdivision in order to obtain funds to
finance its share of project costs for projects in which the
State participates under this subtitle.

[12-413.] 5-413.

(a)  The Board of Public Works is hereby authorized and
directed to issue a State loan to be known as the "Maryland
Industrial Land Loan of 1972" in the aggregate sum of six million
dollars ($6,000,000). 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 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.

(b)  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:

(1) The proportion of the total loan authorized by
this section which shall be issued at any particular time.

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