982 DEBT—PUBLIC. [ART. 31

1888, art. 31, sec. 1. 1860, art. 34, sec. 1. 1834, ch. 279. 1838, ch. 336.
1839, ch 33. 1846, ch. 238. 1847, ch. 41. 1852, ch. 23 1853, ch. 360.

1. The interest on the public debts heretofore created by
this State shall be punctually paid at the times and places and
at the rates stipulated, and the same shall be paid as hereto-
fore, by the officers and agents whose duty it is made to pay
the same; and the principal of said debts shall be paid by the
treasurer as it falls due, according to the conditions of the con-
tract by which each debt was incurred.

1888, ch. 201.

2. The exchange loan of 1889, created by and issued under
the provisions of the act of 1888, chapter 201, for the redemp-
tion of the sterling indebtedness of the State created under
the act of 1838, chapter 386 shall be redeemable at the
pleasure of the State after the first day of July, 1903, and
shall be exempt from all State, county and municipal taxation.

State Refunding Bonds.

1890, ch 305

3. The State bonds issued under the provisions of the act
of 1890, chapter 305, for refunding State bonds due in 1892
shall be payable at the pleasure of the State after the first day
of July, 1905, and are exempt from State, county and muni-
cipal taxatiqn.

State Penitentiary Loan.

1896, ch. 166.

4. The "Penitentiary Loan " of five hundred thousand dol-
lars as authorized by the act of 1896, chapter 166 shall be
payable fifteen years after the date thereof, but shall be redeem-
able at the pleasure of the State after the first day of July,
1906, and shall be and remain exempt from all State, county
and municipal taxation.

Ibid.

5. The county commissioners of the several counties of this
State and the mayor and city council of Baltimore city are
hereby directed to levy the State taxes for the year 1897 and
annually thereafter, to be collected according to law, to the
amount of fifteen-sixteenths of one cent on each one hundred
dollars, in addition to the amount now collected, to meet the