EMERSON C. HARRINGTON, GOVERNOR. 715

vided that nothing herein shall affect the tax levy for 1918.
The one per centum rate provided by this Section shall not
apply to shares of stock of any trust company located or having
a place of business in Baltimore City, but upon all such shares
thd regular rate of taxation for State and local purposes shall
be paid in the manner provided in this Article.

SEC. 2. And be it further enacted, That this Act shall take
effect from the date of its passage, and that all other laws in-
consistent herewith be and the same are hereby repealed, in so
far as the same are inconsistent with the provisions of this Act,
but no further.

Approved April 18th, 1918.

CHAPTER 295.

AN ACT to authorize the creation of a State debt in the aggre-
gate amount of $3,000,000; the proceeds thereof to be used
for the completion and extension, and thereafter for the
maintenance of the State Roads System of Maryland, and
for paving in Baltimore City, and providing 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 in order to complete and extend, and thereafter to
maintain the construction of the State Roads System of Mary-
land, a loan is hereby created, to be known as the "Road Loan
of 1918," to the amount of $3,000,000. $1,500,000 of said
loan shall be dated the 15th day of August, 1918, and the
remaining $1,500,000 of said loan shall be dated the 15th day
of February, 1919. 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 ex-
ceed four and one-half (4 1/2) per centum 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 taxa-
tion, and the principal amount of said loan shall be paid upon
the serial annuity plan, hereinbelow specified, and all within
fifteen (15) 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 provided in