1290 LAWS OF MARYLAND. [Ch. 776]

mal School property now situated in the City of Baltimore,
and to provide for a sinking fund for the payment of said
bonds.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of Public Works is hereby authorized
and directed to issue a loan in the sum of six hundred thou-
sand dollars ($600,000) for the purchase of land and the erec-
tion and construction of buildings, including dormitories for
students, for the Maryland State Normal School.

SEC. 2. Be it enacted by the General Assembly of Maryland,
That for the purpose of providing for the expenditures to be
incurred in the purchase of the necessary land and the erection
and construction of buildings, including dormitories for stud-
ents, for the Maryland State Normal School by the Maryland
State Normal School Building Commission, hereinafter named,
a loan is hereby created to be called The Maryland State Nor-
mal School Loan to the amount of six hundred thousand dol-
lars ($600,000), said loan shall bear date as follows: Three
hundred thousand dollars ($300,000) to be known as Series
"A", January 1, 1913; three hundred thousand dollars ($300,-
000) to be known as Series "B", July 1, 1913; and shall bear
-interest at a rate to be fixed by the Governor, the Comptroller
and the Treasurer of this State or a majority of them, not to
exceed four per cent. (4%) per annum, payable on the first
day of January and July of each year; and the said loan and
every part thereof and the interest payable thereon, shall be
and remain exempt from State, county and municipal taxa-
tion, and the principal amount of said loan shall be payable
fifteen (15) years after date of said respective series, but
shall be redeemed at the pleasure of the State of Maryland
after ten (10) years from date of issue.

SEC. 3. Be it further enacted by the General Assembly of
Maryland, That the Governor, Comptroller and Treasurer^ or a
majority of them, are hereby authorized, empowered and
directed to have prepared proper certificates of indebtedness
of the State, in good and sufficient form to aggregate the amount
of six hundred thousand dollars ($600,000) ; as evidence of
said loan such certificates of indebtedness shall bear dates as
provided in section 2 of this act; said bonds to be issued in
any denomination not less than one hundred dollars ($100) or
greater than one thousand dollars ($1,000), as may be deter-
mined by the Governor, Comptroller and Treasurer, or a major-
ity of them; each of said certificates shall be signed by the
Treasurer of the State and countersigned by the Comptroller,