HERBERT R. O'CONOR, GOVERNOR. 831

ty-five Thousand Dollars ($4, 625, 000. 00), the proceeds there-
of to be used for certain necessary building, construction
and equipment purposes of the State, for acquiring certain
land and providing generally for the issue and sale of cer-
tificates of indebtedness evidencing such loan.

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, to be known, as the "Post-
War Construction Loan of 1945", in the aggregate sum of
Four Million, Six Hundred and Twenty-five Thousand Dollars
(14, 625, 000. 00). Two Million, Three Hundred and Thirteen
Thousand Dollars ($2, 313, 000. 00) of said loan shall be dated
July 1, 1946, and the remaining Two Million, Three Hundred
and Twelve Thousand Dollars ($2, 312, 000. 00) of said loan
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 four 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 taxa-
tion, 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 cer-
tificates of indebtedness for said loan as herein specified 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, beginning with the letter "A", and so on down
the alphabet until the entire amount of Four Million, Six
Hundred and Twenty-five Thousand Dollars ($4, 625, 000. 00)
shall have been issued, so that the entire principal shall be
redeemable as follows:

$2, 313, 000. 00 of said loan bearing date the first day of July,
1946, shall be redeemable as follows:

Series Amount Redeemable

"A" .......... $139, 000. 00 July 1, 1949

"B" .......... 145, 000. 00 July 1, 1950

"C" .......... 151, 000. 00 July 1, 1951

"D" .......... 156, 000. 00 July 1, 1952

"E" .......... 163, 000. 00 July 1, 1953

"F" .......... 169, 000. 00 July 1, 1954

"G" .......... 176, 000. 00 July 1, 1955

"H" .......... 183, 000. 00 July 1, 1956

"I" .......... 190, 000. 00 July 1, 1957