ALBERT C. RITCHIE, GOVERNOR 1373

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Board of Public Works is- hereby author-
ized and directed to issue a State loan, to be known as the
"Construction Loan of 1920," in the aggregate sum of one
million five hundred thousand ($1,500,000) dollars; five hun-
dred thousand ($500,000) dollars of said loan shall be dated
the 15th day of February, 1921 ; five hundred thousand
($500,000) dollars of said loan shall be dated the 15th day
of August, 1921, and the remaining five hundred thousand
($500,000) dollars shall be dated the 15th day of February,
1922. 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 taxa-
tion, 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
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, begin-
ning with the letter A, and so on down the alphabet until
the entire amount. of one million five hundred thousand
($1,500,000) dollars shall have been issued, so that the entire
principal shall be redeemable as follows:

$500,000 of said loan, bearing date the 15th day of Febru-
ary, 1921, shall be redeemable as follows:

Series A .....................$29,000 February 15, 1924

Series B .................. 30,000 February 15, 1925

Series C .................. 32,000 February 15, 1926

Series D .................. 33,000 February 15, 1927

Series E .................. 35,000 February 15, 1928

Series F .................. 36,000 February 15, 1929

Series G .................. 38,000 February 15, 1930

Series H ................... 40,000 February 15, 1931

Series I ................... 42,000 February 15, 1932