1278                        LAWS OF MARYLAND.                  [CH. 511.

the Atlantic Ocean with Sinepuxent Bay, together with such
jetties, approaches, channels and appurtenances as may be
necessary therefor, and providing generally for the issue and.
sale of certificates of indebtedness evidencing such loan.

LAto

SECTION 1. Be it enacted by the General Assembly of
Maryland^ That in order to provide for a part of the cost of
securing property and the construction of a canal or inlet south
of Ocean City, in Worcester County, together with such jetties,
approaches, channels or appurtenances as may be necessary
therefor, to connect the Atlantic Ocean with Sinepuxent Bay,
a loan is hereby created, to be known as the "Ocean City Inlet
Loan of 1931, " to the amount of not exceeding five hundred^
thousand ($500, 000) dollars. One hundred and twenty-five
thousand ($125, 000) dollars of said loan shall be dated Feb-
ruary 15th, 1932, and three hundred and seventy-five thousand
($375, 000) dollars of said loan shall be dated August 15th,
1932. 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, constituting the Board of Public
Works, or a majority of them, not to exceed four and one-
half (4%) per centum 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, all within fifteen years after the issu-
ance thereof.

SEC. 2. And be it further enacted, That, in issuing the cer-
tificates of indebtedness for said loan as herein provided in
Section 1, the Governor, the Comptroller of the Treasury and,
the Treasurer of the State, constituting the Board of Public
Works, or a majority of them, shall issue said certificates ac-
cording to what is known as a serial annuity plan, and the
series as issued shall be lettered, beginning with the letter "A"
and so on down the alphabet until the said amount of five hun-
dred thousand dollars ($500, 000) shall have been issued, so
that the entire principal sum shall be redeemable as herein
provided. The one hundred and twenty-five thousand ($125, -
000) dollars of said loan bearing date the 15th day of Feb-
ruary, 1932, shall be redeemable as follows: