1740 LAWS OF MARYLAND. [CH. 996

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the Board of Public Works is hereby authorized and
directed to issue a State Loan, in the aggregate sum of not ex-
ceeding Two Million Dollars ($2, 000, 000) to be known as the
"State Office Building Loan of 1945". One Million Dollars
($1, 000, 000) of said loan shall be dated July 1, 1946 and One
Million Dollars ($1, 000, 000) shall be dated July 1, 1947. 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 hereinbelow specified and all within fifteen
years after the issuance thereof.

SEC. 2. And be it further enacted, That in issuing the Certi-
ficates 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, be-
ginning with the letter "A", and so on down the alphabet until
the entire amount of Two Million Dollars ($2, 000, 000) shall
have been issued so that the entire principal shall be redeem-
able as follows:

$1, 000, 000 of said loan, bearing date of July 1, 1946, shall be
redeemable as follows:

Series Amount Redeemable

"A? .................. $60, 000 July 1, 1949

"B" .................. 63, 000 July 1, 1950

"C" .................. 65, 000 July 1, 1951

D" .................. 68, 000 July 1, 1952

"E" .................. 70, 000 July 1, 1953

"F" .................. 73, 000 July 1, 1954

"G" .................. 76, 000 July'1, 1955

"H" .................. 79, 000 July 1, 1956

"I" .................. 82, 000 July 1, 1957

"J" .................. 86, 000 July 1, 1958

"K" .................. 89, 000 July 1, 1959

"L" .................. 93, 000 July 1, 1960

"M" .................. 96, 000 July 1, 1961

$1, 000, 000 of said loan, bearing date of July 1, 1947, shall be
redeemable as follows:

"N".................. 60, 000 July 1, 1950

"O".................. 63, 000 July 1, 1951