WM. PRESTON LANE, JR., GOVERNOR. 1559

Prince Frederick, in Calvert County, at Oakland, in Gar-
rett County, at Ellicott City, in Howard County, and at
Leonardtown, in St. Mary's County, a loan is hereby
created, to be known as the "Armory Loan of 1947", to the
amount of Five Hundred Sixty Thousand Dollars ($560,-
000). The said loan shall be dated June 1, 1947, and shall
bear interest at a rate to be fixed by the Governor of the
State, the Comptroller of the Treasury and the Treasurer
of the State, or a majority of them, not to exceed four per
centum (4%) per annum, 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 paid upon
the serial annuity plan hereinbelow specified, all within
fifteen years after the issuance thereof.

SEC. 2. And be it further enacted, That in issuing the
certificates of indebtedness for said loan as herein pro-
vided in Section 1, the Governor, the Comptroller of the
Treasury and the Treasurer of the State, or a majority oi
them, shall issue said certificates according to what is
known as the serial annuity plan, and the series as issued
shall be lettered beginning with the letter "A" and so or
down the alphabet until the said amount of Five Hundred
Sixty Thousand Dollars ($560,000) shall have been issued
so that the entire principal sum shall be redeemable as
follows:

Series	Amount	Redeemable
"A"	$35,000	June 1, 1950
"B"	35,000	June 1, 1951
"C"	40,000	June 1, 1952
"D"	40,000	June 1, 1953
"E"	40,000	June 1, 1954
"F"	40,000	June 1, 1955
"G"	45,000	June 1, 1956
"H"	45,000	June 1, 1957
"I"	45,000	June 1, 1958
"J"	45,000	June 1, 1959
"K"	50,000	June 1, 1960
"L"	50,000	June 1, 1961
"M"	50,000	June 1, 1962

SEC. 3. And be it further enacted, That the Governor,
Comptroller of the Treasury, and Treasurer, constituting
the Board of Public Works, or a majority of them, are
hereby authorized in its discretion to have prepared proper