8 LAWS OF MARYLAND. [CH. 4

from the proceeds of this bond issue and from funds pro-
vided by the Federal Government, a loan is hereby created,
to be known as the "Armory Loan of 1948", to the amount
of Five Hundred Sixty Thousand Dollars ($560,000). The
said loan shall be dated June 1, 1948, and 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 per centum (4%)
per annum; 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 prin-
cipal amount of said loan shall be paid upon the serial
annuity plan hereinbelow specified—all within fifteen (15)
years after the issuance thereof.

SEC. 2. And te it further enacted, That in issuing the
certificates of indebtedness for said loan as herein pro-
vided 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 the 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 Hundred Sixty Thou-
sand Dollars ($560,000) shall have been issued, so that the
entire principal sum shall be redeemable as follows:

Series Amount Redeemable

"A" |35,000 June 1, 1951

"B" 35,000 June 1, 1952

'"C" 40,000 June 1, 1953

"D" 40,000 June 1, 1954

"E" 40,000 June 1, 1955

"F" 40,000 June 1, 1956

"G" 45,000 June 1, 1957

"H" 45,000 June 1, 1958

"I" 45,000 June 1, 1959

"J" 45,000 June 1, 1960

"K" 50,000 June 1, 1961

"L" 50,000 June 1, 1962

"M" 50,000 June 1, 1963

SEC. 3. And te it further enacted, That the Governor,
Comptroller of the Treasury, and Treasurer, constituting
the Board of Public Works, or a majority of them, are here-
by authorized in its discretion to have prepared proper cer-
tificates of indebtedness of the State in good and sufficient
form to aggregate the amount of Five Hundred Sixty Thou-
sand Dollars ($560,000) as evidence of such loan; and it
shall be in the discretion of the Board of Public Works as
to whether any or all of the bonds authorized by this Act
shall be issued; such certificates of indebtedness shall bear