578 LAWS OF MARYLAND. [CH. 311
CHAPTER 311.

AN ACT to authorize the creation of a State debt in the
aggregate amount of two million, five hundred and
twenty-three thousand dollars ($2, 523, 000), the pro-
ceeds thereof to be used for certain necessary building,
construction and equipment purposes of the State, for
acquiring certain land and for funding of accrued liabil-
ity of the Teachers' Retirement Fund, and providing gen-
erally for the issue 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 au-
thorized and directed to issue a State loan, to be known as
the "General Bond Issue of 1933, " in the aggregate sum of
two million, five hundred and twenty-three thousand dol-
lars ($2, 523, 000); eight hundred and eighty-one thousand
dollars ($881, 000) of said loan shall be dated the 15th day
of August, 1933; four hundred and ninety-two thousand
dollars ($492, 000) of said loan shall be dated the 15th day
of February, 1934; four hundred and twenty thousand dol-
lars ($420, 000) of said loan shall be dated the 1st day of
April, 1934; three hundred and fifty thousand dollars
($350, 000) of said loan shall be dated the 15th day of
August, 1934, and the remaining three hundred and eighty
thousand dollars ($380, 000) of said loan shall be dated
the 1st day of April, 1935. 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 four and one-half per cent. (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 remain 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
certificates 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, beginning with the letter "A, " and so on down
the alphabet until the entire amount of two million, five