ALBERT C. RITCHIE, GOVERNOR. 471

dollars ($3, 150, 000), the proceeds thereof to be used for the
construction of rural post roads, lateral roads and bridges,
and the extension of the State roads system of Maryland,
with the assistance of funds from the United State Govern-
ment and the several counties of the State, providing gen-
erally for the issue and sale of certificates of indebtedness
evidencing such loan, and providing the means for the sev-
eral counties to raise funds by bond issues, special assess-
ments or otherwise, to meet the funds to be contributed by
the State.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That, in order to provide for rural post roads, lateral
roads and bridges for the extension of the State Roads System
of Maryland, a loan is hereby created to be known as the "Lat-
eral, Post Road and Bridge Loan of 1922" to the amount of
three million one hundred and fifty thousand dollars ($3, -
150, 000). One million five hundred thousand ($1, 500, 000)
dollars of such loan shall be dated on the 15th day of June,
1922, and the remaining one million six hundred and fifty
thousand ($1, 650, 000) dollars of said loan shall be dated the
15th day of June, 1923. Said loan shall bear interest at a rate
to be fixed by the Governor of the State, 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-annually,
and the said loan and every part thereof, and the interest pay-
able 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 hereinbelow speci-
fied, all within fifteen 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, the 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 a serial annuity
plan, and the series as issued shall be lettered beginning with
the letter "A" and so on down the alphabet, until the said
amount of three million one hundred and fifty thousand dollars
($3, 150, 000) shall have been issued, so that the entire princi-
pal sum shall be redeemable as follows:

$1, 500, 000 of said loan, bearing date the 15th day of June,
1922, shall be redeemable as follows: