166 LAWS OF MARYLAND. [CH. 91

dated October 15th, 1936; 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 4 1/2% per annum, and 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 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
Million, Five Hundred Thousand Dollars ($8,500,000.00)
shall have been issued so that the entire principal shall be
redeemable as follows:

Five Million, Five Hundred Thousand Dollars ($5,500,000,-
00) of said loan bearing date the 15th day of April, 1935,
shall be redeemable as follows:

Series Amount Redeemable

A $331,000.00 April 15, 1938

B 344,000.00 April 15, 1939

C 358,000.00 April 15, 1940

D 372,000.00 April 15, 1941

E 387,000.00 April 15, 1942

F 402,000.00 April 15, 1943

G 418,000.00 April 15, 1944

H 435,000.00 April 15, 1945

I 453,000.00 April 15, 1946

J 471,000.00 April 15, 1947

K 490,000.00 April 15, 1948

L 509,000.00 April 15, 1949

M 530,000.00 April 15, 1950

One Million, Five Hundred Thousand Dollars ($1,500,000)
of said loan bearing date the 15th day of October, 1935,
shall be redeemable as follows:

N $ 90,000.00 October 15, 1938

O 94,000.00 October 15, 1939

P 98,000.00 October 15, 1940

Q 101,000.00 October 15, 1941