722 LAWS OF MARYLAND. [CH. 298

troller of the Treasury and the Treasurer of the State, or a
majority of them, not to exceed four and one-half per centum
per annum, payable semi-annually. 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 payable upon the
serial annuity plan herein below specified, and all within fif-
teen 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, the
Governor, the Comptroller and the Treasurer, 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 "A", and so on down the alphabet,
until the said amount of one million dollars ($1,000,000) shall
have been issued, so that the entire principal shall be redeem-
able as follows:
Series "A" $58,000 August 15, 1921.

" "B" 61,000 August 15, 1922.

" "C" 64,000 August 15, 1923.
"D" 66,000 August 15, 1924.

" "E" 69,000 August 15, 1925.

" "F" 73,000 August 15, 1926.

" "G" 76,000 August 15, 1927.

" "H" 79,000 August 15, 1928.

" " I " 83,000 August 15, 1929
"J" 87,000 August 15, 1930.

" "K" 91,000 August 15, 1931.

" "L" 95,000 August 15, 1932.

" "M" 98,000 August 15, 1933.

SEC. 3. And be it further enacted, That the Governor, the
Comptroller of the Treasury and the Treasurer of the State,
or a majority of them, are authorized and directed to
have prepared proper certificates of indebtedness, in good and
sufficient form as evidence of such loan. Each of said certifi-
cates shall be signed by the Treasurer of the State and counter-
signed by the Comptroller of the Treasury. Such certificates
shall bear date as of the time of their issue, as provided in
Section 1 hereof. They shall not be issued in less sums than
one hundred dollars, but may be issued in sums of one hun-
dred dollars, or any multiple thereof, and any portion or all
of said certificates may be registered, or not registered, and the