ALBERT C. RITCHIE, GOVERNOR.,                  661

tion of bridges in the various Counties of the State; 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 and
reconstruction of bridges in the various Counties of the State'
and paving in Baltimore City, a loan is hereby created to be
known as the "Bridge Loan of 1931, " to the amount of two-
million dollars ($2, 000, 000). One million dollars ($1, 000, -
000) of such loan shall be dated the 15th day of June, 1931,,
and one million dollars ($1, 000, 000) of said loan shall be
dated the 15th day of June, 1932. Said loan shall bear interest
at a rate to be fixed by the Governor of the State, the Comp-
troller of the Treasury and the Treasurer of the State, or a
majority of them, not to exceed four and one-half (4%%) per
centum per annum, and the 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 herein-
below specified, all within fifteen years after the issuance
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, 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 beginning with
the letter "A" and so down the alphabet, until the said amount
of two million dollars ($2, 000, 000) shall have been issued,
so that the entire principal sum shall be redeemable as follows:
The one million dollars ($1, 000, 000) of said loan, bearing-
date the 15th day of June, 1931, shall be redeemable as follows:.
Series                                Amount           Redeemable

"A" ................ $58, 000 June 15, 1934

"B" ................ 61, 000 June 15, 1935

"C" ................ 64, 000 June 15, 1936

"D" ................ 67, 000 June 15, 1937

"E" ................ 69, 000 June 15, 1938

"F" ................ 73, 000 June 15, 1939