ALBERT C. RITCHIE, GOVERNOR. 823

crossings, for paving in Baltimore City and in substitution
for the Susquehanna River Bridge Loan of 1922 now in the
Sinking Funds, and providing generally for the issue and
sale of certificates of indebtedness evidencing such loan.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That in order to provide for the construction of bridges,
the elimination of dangerous railroad grade crossings, paving
in Baltimore City, and substitution for the Susquehanna River
Bridge Loan of 1922 now in the Sinking Funds, a loan is hereby
created to be known as the "Bridge and Grade Crossing Loan
of 1924", to the amount of nine hundred thousand dollars
($900, 000). Three hundred thousand dollars ($300, 000) of
such loan shall be dated on the 15th day of June, 1924, and
three hundred thousand dollars ($300, 000) of said loan
shall be dated on the 15th day of June, 1925, and the remaining
three hundred thousand dollars ($300. 000) of said loan shall
be dated the 15th day of June, 1926. 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 (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 nine hundred thousand dollars ($900. 000) shall have
been issued, so that the entire principal sum shall be redeem-
able as follows:

The $300, 000 of said loan, bearing date the 15th day of June,
1924, shall be redeemable as follows:

Series Amounts Redeemable

"A"............................ $18, 000 June 15, 1927

"B"........................... 18, 000 June 15, 1928

"C"........................... 18, 000 June 15, 1929

"D"........................... 21, 000 June 15, 1930