196 LAWS OF MARYLAND. [CH. 83

exceed four and one-half per cent. (4 1/2%), per an-
num, 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 here-
inbelow specified, and all within fifteen years after the is-
suance hereof.

SEC. 2. And be it further enacted, That in issuing the
certificates of indebtedness for said loan as herein author-
ized in Section 1, the Governor, the Comptroller of the
Treasury and the Treasurer of this State, constituting the
Board of Public Works 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,
beginning with the letter "A, " and so on down the alpha-
bet until the entire amount of One Million Five Hundred
Thousand Dollars ($1, 500, 000) shall have been issued, so
that the entire principal shall be redeemable as follows:

Series Amounts Maturities

"A" $ 87, 000. 00 June 1, 1939

"B" 91, 000. 00 June 1, 1940

"C" 96, 000. 00 June 1, 1941

"D" 100, 000. 00 June 1, 1942

"E" 104, 000. 00 June 1, 1943

"F" 109, 000. 00 June 1, 1944

"G" 114, 000. 00 June 1, 1945

"H" 119, 000. 00 June 1, 1946

"I" 124, 000. 00 June 1, 1947

"J" 130, 000. 00 June 1, 1948

"K" 136, 000. 00 June 1, 1949

"L" 142, 000. 00 June 1, 1950

"M" 148, 000. 00 June 1, 1951

SEC. 3. And be it further enacted, That the Governor,
Comptroller of the Treasury, and Treasurer, constituting
the Board of Public Works, or a majority of them, are
hereby authorized and directed to have proper certificates
of indebtedness of the State in good and sufficient form to
aggregate the amount of One Million Five Hundred Thou-
sand Dollars ($1, 500, 000), as evidence of such loan,
such certificates of indebtedness shall bear date as
of June 1, 1936, as provided in Section 1 of this
Act, and shall not be issued in less sums than One
Hundred Dollars ($100), but may be issued in sums of One