ALBERT C. RITCHIE, GOVERNOR. 817
CHAPTER 278.

AN ACT to authorize the creation of a State debt in the
aggregate amount of four million dollars ($4, 000, 000), the
proceeds thereof to be used for the construction, widening
and extension of the State Roads System of Maryland, and
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,
widening and extension of the State Roads System of Mary-
land, and for paving in Baltimore City, all as hereinafter set
forth, a loan is hereby created to be known as the "Special
Road Construction Loan of 1929, " to the amount of four
million dollars ($4, 000, 000). Two million, six hundred and
fifty-five thousand dollars ($2, 655, 000) of said loan shall be
dated the 15th day of June, 1929; six hundred thousand
($600, 000) of said loan shall be dated the 15th day of Feb-
ruary, 1930, and seven hundred and forty-five thousand dol-
lars ($745, 000) of said loan shall be dated 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 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 pay-
able 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
certificates 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 be-
ginning with the letter "A" and so on down the alphabet, until
the said amount of four million dollars ($4, 000, 000) shall
have been issued, so that the entire principal sum shall be
redeemable as follows: