J. MILLARD TAWES, GOVERNOR 223
CHAPTER 86
(Senate Bill 2)

AN ACT to authorize the creation of a State Debt in the aggregate
amount of

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TWENTY MILLION TWO
HUNDRED SIXTY-EIGHT THOUSAND DOLLARS ($20, -
268, 000), the proceeds thereof to be used for certain necessary
building, construction, deferred maintenance, and equipment pur-
poses of this State, for acquiring certain land and providing gen-
erally for the issue and sale of Certificates of Indebtedness evi-
dencing such loan, and modifying the provisions of Section 7 of
Chapter 804 of the Acts of 1959.

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 "General Construction Loan
of 1960", in the aggregate sum of

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TWENTY
MILLION TWO HUNDRED SIXTY-EIGHT THOUSAND DOL-
LARS ($20, 268, 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 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 cer-
tificates 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, provisions for the regis-
tration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates registered
as to principal.

(c) The denomination or denominations of the certificates to be
issued at any particular time, which may be not 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 thereof.

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.

CAPITALS indicate amendments to bill.

Strike out indicates matter stricken out of bill.