ALBERT C. RITCHIE, GOVERNOR. 265

CHAPTER 132.

AN ACT to authorize the creation of a State debt in the
aggregate amount of three million seven hundred and sixty-
one thousand dollars ($3, 761, 000), the proceeds thereof to
be used for certain necessary building, construction and
equipment purposes of the State, and for acquiring certain
land, 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 the Board of Public Works is hereby author-
ized and directed to issue a State loan, to be known as the
"General Construction Loan of 1929, " in the aggregate sum
of three million seven hundred and sixty-one thousand dollars
($3, 761, 000); five hundred and thirty-one thousand dollars
($531, 000) of said loan shall be dated the 15th day of August,
1929; seven hundred and eighty-seven thousand dollars ($787, -
000) of said loan shall be dated the 15th day of February, 1930,
and the remaining two million and four hundred and forty-three
thousand dollars ($2, 443, 000) of said loan shall be dated the
15th day of August, 1930. Said loan shall bear interest at a
rate to be fixed by the Governor, the Comptroller of the Treas-
ury and the Treasurer of the State, or a majority of them, riot
to exceed four and one-half per cent. (4½%) 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 and all within fifteen
years after the issuance thereof.

SEC. 2. And be it further enacted, That in issuing the
certificates of indebtedness for said loan as herein specified in
Section 1, the Governor, the Comptroller of the Treasury and
the Treasurer of this State, or a majority of them, shall
issue said certificates according to what is known as the serial
annuity plan, and each series as issued shall be lettered, be-
ginning with the letter "A", and so on down the alphabet
until the entire amount of three million seven hundred and six-
ty-one thousand dollars ($3, 761, 000) shall have been issued, so
that the entire principal shall be redeemable as follows:

$531, 000 of said loan, bearing date the 15th clay of August,
1929, shall be redeemable as follows: