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152 LAWS OF MARYLAND. [CH. 89
hundred and fifty thousand dollars, ($350,000), of said
loan shall be dated the first day of April, 1936; fifty-five
thousand dollars, ($55,000), of said loan shall be dated the
15th day of August, 1936; and the remaining three hun-
dred and fifty thousand dollars, ($350,000), of said loan
shall be dated the 1st day of April, 1937. Said loan shall
bear interest at a rate to be fixed by the Governor, the
Comptroller of the Treasury and the Treasurer of the
State, or a majority of them, not to exceed four and one-
half per cent. (4 1/2%), per annum, and the said interest
shall be paid semi-annually, and the s^iid 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 speci-
fied 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, beginning with the letter "A," and so on
down the alphabet until the entire amount of eight hun-
dred and fifty-five thousand dollars, ($855,000), shall have
been issued, so that the entire principal shall be redeemable
as follows:
$100,000 of said loan, bearing date the 15th day of
August, 1935, shall be redeemable as follows:
Series Amount Redeemable
"A" $6,000.00 August 15, 1938
"B" 6,000.00 August 15, 1939
"C" 6,000.00 August 15, 1940
"D" 7,000.00 August 15, 1941
"E" 7,000.00 August 15, 1942
"F" 7,000.00 August 15, 1943
"G" 8,000.00 August 15, 1944
"H" 8,000.00 August 15, 1945
"I" 8,000.00 August 15, 1946
"J" 9,000.00 August 15, 1947
"K" 9,000.00 August 15, 1948
"L" 9,000.00 August 15, 1949
"M" 10,000.00 August 15, 1950
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