HARRY W. NICE, GOVERNOR. 1009

1938 and 1939, for the construction and reconstruction of
roads, highways and bridges, including approaches to
bridges; and to provide generally for the issue and sale of
Certificates of Indebtedness evidencing such loan.

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 State loan, in the aggregate sum of
Nine Million, Fifty-Two Thousand Dollars ($9, 052, 000. 00),
to be known as the "General Bond Issue of 1937".
Nine Hundred Thousand Dollars ($900, 000. 00) of said loan
shall be dated June 15th, 1937; Two Million, Five Hundred
Eight Thousand Dollars ($2, 508, 000. 00) of said loan shall be
dated August 15, 1937; One Million, Six Hundred Thirty-
One Thousand Dollars ($1, 631, 000. 00) shall be dated February
15, 1938; Three Million, Four Hundred Thirteen Thousand
Dollars ($3, 413, 000. 00) shall be dated August 15, 1938; and
Six Hundred Thousand Dollars ($600, 000. 00) shall be dated
February 15, 1939. Said loan shall bear interest at a rate
to be fixed by the Governor, the Comptroller of the Treasury
and the Treasurer of the State, or a majority of them, not to
exceed 4y2% per annum, and said interest shall be paid semi-
annually, 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 and all within fifteen years after the
issuance thereof.

SEC. 2. And be it further enacted, That in issuing the Cer-
tificates of Indebtedness for said loan as herein specified in
Section 1, the Governor, the Comptroller of the Treasury and
the Treasurer of this State, or a majority of them, shall issue
said Certificates according to what is known as the Serial
Annuity plan, and each series as issued shall be lettered, begin-
ning with the letter "A", and so on down the alphabet until
the entire amount of Nine Million, Fifty-Two Thousand
Dollars ($9, 052, 000. 00) shall have been issued so that the
entire principal shall be redeemable as follows:

$900, 000. 00 of said loan, bearing date of 15th day of June,
1937, shall be redeemable as follows:

Series Amount Redeemable

"A" ............ $ 58, 000. 00 June 15, 1940

"B" ............ 59, 000. 00 June 15, 1941

"C" ............ 61, 000. 00 June 15, 1942

"D" ............ 63, 000. 00 June 15, 1943

"E" ............ 65, 000. 00 June 15, 1944