ALBERT C. RITCHIE, GOVERNOR. 867

assistance of funds from the United States Government and
the several counties of the State, and for paving in Balti-
more City; providing generally for the issue and sale of
certificates of indebtedness evidencing such loan, and pro-
viding the means for the several counties to raise funds by
bond issues, special assessments or otherwise, to meet the
funds to be contributed by the State.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That, in order to provide for the completion of the
Crain Highway and for rural post roads and lateral roads for
the extension of the State Road System of Maryland, and for
paving in Baltimore City, a loan is hereby created to be known
as the "Lateral and Post Road Loan of 1927" to the amount
of two million, one hundred and twenty-five thousand dollars
($2, 125, 000). One million, three hundred and seventy-five
thousand dollars ($1, 375, 000) of such loan shall be dated the
15th day of June, 1927; seven hundred and fifty thousand dol-
lars ($750, 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 Comptroller of the Treasury and
the Treasurer of the State, or a majority of them, not to ex-
ceed 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 taxa-
tion, 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 two million, one hundred and twenty-five thousand
dollars ($2, 125, 000) shall have been issued, so that the entire
principal sum shall be redeemable as follows:

$1, 375, 000 of said loan, bearing date of the 15th day of
June, 1927, shall be redeemable as follows: