64 LAWS OF MARYLAND. [CH. 47

CHAPTER 47.

AN ACT to authorize the creation of a State debt in the aggre-
gate amount of one million dollars ($1, 000, 000) the pro-
ceeds thereof to be used for the construction of bridges in
the various Counties of the State; for paving in Baltimore
City, 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
Maryland, That in order to provide for the construction of
bridges in the various Counties of the State and paving in
Baltimore City, a loan is hereby created to be known as the
"Bridge Loan of 1927, " to the amount of one million dollars
($1, 000, 000). Five Hundred thousand dollars ($500, 000) of
such loan shall be dated the 15th day of June, 1927, and five
hundred thousand dollars ($500, 000) of said loan shall be
dated the 15th day of June, 1928. Said loan 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 (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 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 hereinbe-
low 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 million dollars ($1, 000, 000) shall have been issued, so
that the entire principal sum shall be redeemable as follows:

The five hundred thousand dollars ($500, 000) of said loan,
bearing date the 15th day of June, 1927, shall be redeemable
as follows:

Series Amounts Redeemable

"A".............. $29, 000. 00 June 15, 1930

"B".............. 31, 000. 00 June 15, 1931