958 LAWS OF MARYLAND. [CH. 360

WHEREAS, The College Commission recommended that sev-
enty-five thousand ($75, 000) dollars be appropriated to Wash-
ington College on condition that the college raise an endowment
of one hundred and fifty thousand ($150, 000) dollars; and

WHEREAS, Washington College has undertaken a campaign
to raise an endowment of two hundred and fifty ($250. 000)
dollars; therefore,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That, in order to provide for Library and Laboratory
Equipment, General Improvement and Construction at Wash-
ington College, a loan is hereby created to be known as the
"Washington College Loan of 1924, " to the amount of one
hundred thousand dollars ($100, 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 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 one hundred thousand dollars ($100, 000) shall have
been issued, so that the entire principal sum shall be redeem-
able as follows:

Series Amount Redeemable

A .............................. $ 5, 000 July 1, 1930

B .............................. 5, 000 July 1, 1931

C .............................. 5, 000 July 1, 1932

D .............................. 6, 000 July 1, 1933

E .............................. 6, 000 July 1, 1934

F .............................. 6, 000 July 1, 1935

G .............................. 7, 000 July 1, 1936

H .............................. 8, 000 July 1, 1937