1518 LAWS OF MARYLAND. [CH. 854

Seventeen Thousand Dollars ($2, 317, 000. 00), the pro-
ceeds thereof to be used for certain necessary building
construction and equipment purposes for the State and
for other purposes and to provide 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 the Board of Public Works is hereby au-
thorized to issue a State loan, in the aggregate sum of
Two Million, Three Hundred and Seventeen Thousand Dol-
lars ($2, 317, 000. 00), to be known as the "General Bond
Issue of 1941". Eight Hundred and Fifty-nine Thousand
Dollars ($859, 000, 00) of said loan shall be dated July 15,
1941; Eight Hundred and Seven Thousand Dollars ($807, -
000. 00) of said loan shall be dated January 15, 1942; Six
Hundred and Fifty-one Thousand Dollars ($651, 000. 00)
of said loan shall be dated July 15, 1942. 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% 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 herein-
below specified and all within fifteen years after the issu-
ance 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 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 Two Million, Three
Hundred and Seventeen Thousand Dollars ($2, 317, 000. 00)
shall be issued so that the entire principal shall be redeem-
able as follows: $859, 000. 00 of said loan bearing date of
15th day of July, 1941, shall be redeemable as follows:

Series Amount Redeemable

"A" ............................ $ 58, 000. 00 July 15, 1944

"W ................. 60, 000, 00 July 15, 1945

"C" ........................ 61, 000. 00 July 15, 1946

"D" .............................. 62, 000. 00 July 15, 1947

"E" .............................. 63, 000. 00 July 15, 1948