674                           LAWS OF MARYLAND.                   [CH. 253

dollars ($1, 997, 000) of said loan shall be dated the 15th
day of February, 1932, and the remaining three million,
seventy-six thousand dollars ($3, 076, 000) of said loan shall
be dated the 15th day of August, 1932. Said loan shall
bear interest at a rate to be fixed by the Governor, the Comp-
troller of the Treasury and the Treasurer of the State, or a
majority of them, not to exceed four and one-half per cent.
(4%%) 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 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 specified 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 an-
nuity 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 five million, six hundred and sixty-three
thousand dollars ($5, 663, 000) shall have been issued, so that
the entire principal shall be redeemable as follows:

$590, 000 of said loan, bearing date the 15th day of August,
1931, shall be redeemable as follows:

Series                     Amount                      Redeemable

"A"                    $34, 000. 00                August 15, 1934

"B"                      36, 000. 00                August 15, 1935

"C"                      38, 000. 00                August 15, 1936

"D"                      39, 000. 00                August 15, 1937

"E"                      41, 000. 00                August 15, 1938

"F"                      43. 000. 00                August 15, 1939

"G"                      45, 000. 00                August 15, 1940

"H"                      47, 000. 00                August 15, 1941

"I"                      49, 000. 00                August 15, 1942

"J"                      51, 000. 00                August. 15, 1943

"K"                      53 000. 00                August 15, 1944

"L"                         53 000. 00                    August 15, 1945

"M"                        56, 000. 00              August 15, 1946

$1, 997                        58, 000. 00                15th day of Febru-

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