814 LAWS OF MARYLAND. [CH. 277

the Comptroller 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 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
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
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 four million five hundred dollars ($4, 500, 000) shall
have been issued, so that the entire principal sum shall be re-
deemable as follows:

$1, 500, 000 of said loan, bearing date of the 15th day of June,

1924. shall be redeemable as follows:

Series Amount Redeemable

"A" ........................ 87, 000 June 15, 1927

"B" ........................ 90, 000 June 15, 1928

"C" ........................ 96, 000 June 15, 1929

"D" ........................ 99, 000 June 15, 1930

"E" ........................ 104, 000 June 15, 1931

"F" ........................ 109, 000 June 15, 1932

"G" ........................ 114, 000 June 15, 1933

"H" ........................ 120, 000 June 15, 1934

"I" ........................ 125, 000 June 15, 1935

"J" ........................ 131, 000 June 15, 1936

"K" ........................ 136, 000 June 15, 1937

"L" ........................ 142, 000 June 15, 1938

"M" ........................ 147, 000 June 15, 1939

$1, 500, 000 of said loan, bearing date the 15th day of June,

1925, shall be redeemable as follows:

Series Amount Redeemable
"N"........................ 87, 000 June 15, 1928

"O"........................ 90, 000 June 15, 1929

"P"........................ 96, 000 June 15, 1930

"Q"........................ 99, 000 June 15, 1931

"R"........................ 104, 000 June 15, 1932