ALBERT C. RITCHIE, GOVERNOR. 807

WHEREAS, the report of the College Commission to the Gov-
ernor of the State recommends that ho further appropriations
be made to certain educational institutions in the State after
the next three-year period; and

WHEREAS, St. John's College is included among these institu-
tions; and

WHEREAS, an Endowment Fund of $300, 000 is being raised
and is now assured by the alumni and friends of St. John's
College; and

WHEREAS, the alumni and friends of the College desire to
make the institution self-supporting; and

WHEREAS, the College at the present time has an indebtedness
of $110, 000; and

WHEREAS, it will be very difficult for the College to become
entirely self-supporting if it has to continue making payments
on account of this indebtedness; and

WHEREAS, it will be necessary to increase the Endowment
Fund to $500, 000 in order to place the College on a sound basis;
and

WHEREAS, it will be very difficult, if not impossible, for the
alumni and friends of the institution to raise this additional
endowment fund and at the same time pay oft3 the existing in-
debtedness; therefore,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That, in order to provide for paying the present indebted-
ness of St. John's College, a loan is hereby created to be known
as the "St. John's College Loan of 1924", to the amount of one
hundred and ten thousand dollars ($110, 000). The said loan
shall be dated the 1st day of July, 1927, and shall bear interest
at a rate to be fixed by the Governor of the State, the Comp-
troller of the Treasury, and the Treasurer of the State, or a
majority of them, not to exceed four and one-half (4½) per
centum per annum, and the said interest shall be paid semi-
annually, and the said loan and every part thereof, and the in-
terest 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 hereinbelow
specified, 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 Sec-