666 LAWS OF MARYLAND. fdi. 382

the reconstruction of dangerous and unsafe bridges in the
State Roads System and the purchase jointly with the
State of West Virginia of certain bridges over the Po-
tomac River; and for the construction of public works
necessary to the protection of Ocean City beach front;
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 reconstruct and purchase certain
bridges a loan is hereby created, to be known as the "Bridge
Loan of 1920 to the amount of two hundred and fifty thou-
sand ($250.000) dollars. One hundred thousand ($100,000)
dollars of said loan shall be dated the 15th day of August,
1921, and the remaining one hundred and fifty thousand
($150,000) dollars of said loan shall be dated the 15th day
of August. 1922. Said loan shall bear interest at a rate to
he 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 (4 1/2%) per centum per annum,
and the said interest shall be paid semi-aunually, 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 speci-
fied, 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
Section 1, the Governor, 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 said
amount of two hundred and fifty thousand ($250,000) dollars
shall have been issued, so that the entire principal shall be
redeemable as follows:

The $100,000 of said loan, bearing date the 15th day of
August. 1921, shall be redeemable as follows:

Series A .....$ 6,000 redeemable August 15, 1924
Series B ..... 6,000 redeemable August 15, 1925
Series C ..... 6,000 redeemable August 15. 1926