ROBERT L. EHRLICH, JR., Governor                             Ch. 432

State in good and sufficient form to aggregate the amount of [Forty-Nine Million,
Nine Hundred Forty-Four Thousand, Nine Hundred Thirty-Nine Dollars
($49,944,939)] FORTY-NINE MILLION, ONE HUNDRED EIGHTY-FOUR
THOUSAND, THREE HUNDRED EIGHTY-ONE DOLLARS ($49,184,381), as
evidence of such loan; such bonds shall bear date as of the time of their issue as
provided in Section 1 of this Act. Each of said bonds shall be signed and countersigned
in the manner prescribed by Section 3 of Article VI of the Maryland Constitution.

Chapter 262 of the Acts of 1975

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Board of Public Works is hereby authorized and empowered to
issue a State Loan to be known as the "Water Quality Loan of 1975" in the aggregate
amount of [Fifty Million Dollars ($50,000,000)] FORTY-EIGHT MILLION, TWO
HUNDRED TWENTY-THREE THOUSAND DOLLARS ($48,223,000).

The Certificates of Indebtedness (hereinafter called "bonds") evidencing said
loan may be issued all at one time or, in groups, from time to time, as hereinafter
provided. All of said bonds 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 bonds within fifteen (15) years from the
date of issue. It shall not be necessary to provide for the payment of any part of the
principal represented by any of said bonds for the first two (2) years from the date of
issuance.

The Board of Public Works 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 bond 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 bonds in coupon form and for the
registration of coupon bonds as to principal only.

(c)     The denomination or denominations of the bonds to be issued at any
particular time, which may not be less than One Hundred Dollars ($100) but may be
in sums of One Hundred Dollars ($100) or any suitable multiple thereof, and the place
or places of payment of principal and interest thereon.

(d)     The rate or rates of interest on the bonds to be issued at any time, payable
semi-annually.

(e)     The date of the bonds issued at any particular time, and within the limits
prescribed by Article III, Section 34 of the Constitution of Maryland, the payment
dates of said bonds.

The resolution authorizing the issuance of said loan or any portion thereof shall
set forth in detail the dates when any of the bonds representing said loan or any

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