732 LAWS OF MARYLAND. [CH. 430

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 here-
iribelow specified, and all of the bonds issued in pursuance
hereof shall be paid within fifteen years from the date hereof.

SEC. 2. And be it further enacted, That in issuing the said
bonds for said loan, as herein provided, the Board of County
Commissioners for Talbot County shall issue said bonds ac-
cording to what is known as the Serial Annuity Plan and each
series as issued shall be lettered, beginning with "A" and so
on clown the alphabet until the said amount of two hundred
thousand dollars shall have been issued so that the entire
principal shall be redeemable as follows:

Series "A "...... Twelve Thousand Dollars, August 15,1923.

Series " B "...... Twelve Thousand Dollars, August 15, 1924.

Series " C "..... Thirteen Thousand Dollars, August 15, 1925.

Series " D "..... Thirteen Thousand Dollars, August 15,1926.

Series " E "..... Fourteen Thousand Dollars, August 15,1927.

Series "F"....... Fifteen Thousand Dollars, August 15, 1928.

Series "G".......... Fifteen Thousand Dollars, August 15,1929.
Series " H "...... Sixteen Thousand Dollars, August 15, 1930.

Series "I"...... Sixteen Thousand Dollars, August 15, 1931.

Series " J "....... Seventeen Thousand Dollars, August 15, 1932.

Series "K "..... Eighteen Thousand Dollars, August 15, 1933.

Series " L "....... Nineteen Thousand Dollars, August 15,1934.

Series " M "...... Twenty Thousand Dollars, August 15,1935.

SEC. 3. And be it further enacted, That the said County
Commissioners for Talbot County are hereby authorized and
directed to have prepared bonds of Talbot County in good
and sufficient form to aggregate the amount of two hundred
thousand dollars as evidence of such loan, which certificates
of indebtedness shall bear date as of the time of their issue,
as provided in Section 1of this Act, and shall not be issued
in less sums than one hundred dollars, but may be issued in
sums of one hundred dollars op any multiple thereof. Each
of said certificates shall be signed by the President of the
Board of County Commissioners for Talbot County and the
corporate seal of said company shall be thereunto affixed,
attested by the Treasurer of Talbot County, and shall bear
interest at the rate to be fixed by resolution of said Board of