256 LAWS OF MARYLAND. [CH. 130
in Baltimore City; 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
rural post roads and for the extension of the State Road Sys-
tem of Maryland, and for paving in Baltimore City, a loan
is hereby created to be known as the "Post Road Loan of
1929. " to the amount of one million five hundred thousand
dollars ($1, 500. 000). Seven hundred and fifty thousand dol-
lars ($750, 000) of such loan shall be dated the 15th day of
June, 1929, and seven hundred and fifty thousand dollars
($750, 000) of said loan shall be elated the 15th day of June,
1930. 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 (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 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 certi-
ficates of indebtedness for said loan as herein provided in Sec-
tion 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 five hundred thousand dollars ($1, 500, 000)
shall have been issued, so that the entire principal sum shall
be redeemable as follows:
$750, 000 of said loan, bearing date the 15th day of June,
1929, shall be redeemable as follows:
|
|
|
|
|
|
Series
"A".............
"B".............
"C".............
"D".............
"E".............
"F".............
"G".............
|
Amount
$44, 000
46, 000
48, 000
50, 000
52, 000
54, 000
57, 000
|
Redeemable
June 15, 1932
June 15, 1933
June 15, 1934
June 15, 1935
June 15, 1936
June 15, 1937
June 15, 1938
|
|
|
|
|
|
|
|
![clear space](../../../images/clear.gif) |