1228 LAWS OF MARYLAND. [CH. 494

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 hereinafter specified, and all with-
in fourteen (14) years after the issuance thereof.

SEC. 4 And be it further enacted, That in issuing the cer-
tificates of indebtedness for said loan as herein provided in
Section 3, 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 an-
nuity plan, and each series as issued shall be lettered, beginning
with the letter "A" and so down the alphabet until the said
amount of seven hundred thousand dollars ($700,000.00) or
so much thereof as it may be necessary to issue shall have been
issued, so that the entire principal shall be redeemable as
follows:—

Series A.... $50,000,00 1 year from date fixed for said loan.
Series B.....$50,000.00 2 years from date fixed for said loan.
Series C.....$50,000.00 3 years from date fixed for said loan.
Series D....... $50,000.00 4 years from date fixed for said loan.
Series F.... $50,000.00 6 years from date fixed for said loan.
Series E.... $50,000.00 5 years from date fixed for said loan.
Series G.....$50,000.00 7 years from date fixed for said loan.
Series H.... $50,000.00 8 years from date fixed for said loan.
Series I.... $50,000.00 9 years from date fixed for said loan.
Series J......$50,000.00 10 years from date fixed for said loan.
Series K.......$50,000.00 11 years from date fixed for said loan.
Series L.... $50,000.00 12 years from date fixed for said loan.
Series M.....$50,000.00 13 years from date fixed for said loan.
Series N.....$50,000.00 14 years from date fixed for said loan.

SEC. 5. And be it further enacted, That the Governor,
Comptroller of the Treasury and Treasurer, constituting the
Board of Public Works, or a majority of them, are hereby
authorized and directed to have prepared proper certificates
of indebtedness of the State in good and sufficient form to
aggregate the amount of seven hundred thousand dollars
($700,000.00), or so much thereof as may be necessary for the
purposes of this Act, as evidence of such loan; such certificates
of indebtedness shall bear date as of the time of their issue, as
provided in Section 3 of this Act, and shall not be issued in
less sums than one hundred dollars ($100.00) or any multiple
thereof. Each of said certificates shall be signed by the
Treasurer of the State and countersigned by the Comptroller