ART. 31] CONSOLIDATED LOAN OF 1913. 527

1912, ch. 749, sec. 6.

41. The County Commissioners for the respective counties of this
State and the Mayor and City Council of Baltimore are hereby required
and directed to levy the State taxes for the year nineteen hundred and
thirteen at one-half of one cent on each one hundred dollars ($100.00)
of its assessable property, and annually thereafter, during the continu-
ance of this loan, to be collected according to law, to meet the interest
?nd create a sinking fund for the redemption of the "Consolidated Loan
of 1913" created under the provisions of the Act of 1912, Chapter 749.

Maryland State Normal School Loan.

1912, ch. 776.

42. The Board of Public Works is hereby authorized and directed
to issue a loan in the sum of six hundred thousand dollars ($600,0-00)
for the purchase of land and the erection and construction of buildings,
including dormitories for students, for the Maryland State Normal
School.*

1912, ch. 776.

43. 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 students, for the Maryland State
Normal School by the Maryland State Normal School Building Com-
mission, hereinafter named, a loan is hereby created to be called The
Maryland State Normal School Loan to the amount of six hundred
thousand dollars ($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 taxation,
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.

1912, ch. 776.

44. The County Commissioners for the respective counties of this
State, and the Mayor and City Council of Baltimore are hereby required
and directed to levy the State taxes for the year nineteen hundred and
thirteen (1913), at three-fourths of one cent on each one hundred dol-
lars ($100) of its assessable property, and annually thereafter at three-

*For full details of the Md. State Normal School Loan, see the act of 1912,
ch. 776.