ALBERT C. RITCHIE, GOVERNOR. 455

Council of Baltimore expenditures made by the Mayor and
City Council of Baltimore for this purpose, and tor such
relief of unemployment and destitution up to and including
the 21st day of March, 1933, in the amount of four million,
four hundred and forty-five thousand, six hundred and
twenty-five dollars and seven cents ($4, 445, 625. 07); to
refund and repay unto the Mayor and City Council of Bal-
timore expenditures made by the Mayor and City Council
of Baltimore for this purpose and for such relief of
unemployment and destitution from and after March
22nd, 1933, and to provide generally for the use and sale
of certificates of indebtedness evidencing such loan.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of Public Works is hereby auth-
orized and directed to issue a State loan, to be known as the
"Emergency Relief and Unemployment Loan of 1933, " in
the aggregate sum of Twelve million dollars ($12, 000, -
000. 00); seven million dollars ($7, 000, 000. 00) of said loan
shall be dated the 15th day of August, 1933; three million
dollars ($3, 000, 000. 00) of said loan shall be dated the 15th
day of February, 1934, and the remaining two million dol-
lars ($2, 000, 000. 00) of said loan shall be dated the 15th day
of August, 1934. Said loan shall bear interest at a rate to
be fixed by the Governor, the Comptroller and the Treas-
urer, and the Treasurer of the State or a majority of them,
not to exceed (4 1/2%) per annum, and the said interest shall
be paid semi-annually, and the said loan, and every part
thereof, and the interest payable thereon, shall be and re-
main exempt from State, County and Municipal taxation,
and the principal amount of said loan shall be paid upon the
serial annuity plan herein below specified, and all within
fifteen years after the issuance thereof.

SEC. 2. And be it further enacted, That in issuing the
Certificate of Indebtedness for said loan as herein specified
in Section 1>, the Governor, the Comptroller of the Treasury
and the Treasurer of the 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, beginning with the letter "A", and/so on down the
alphabet until the entire amount of twelve million dollars
($12, 000, 000. 00) shall have been issued, so that the entire
principal shall be redeemable as follows:

Seven million dollars ($7, 000, 000. 00) of said loan bearing
the date of the 15th day of August, 1933, shall be redeem-
able as follows: