WM. PRESTON LANE, JR., GOVERNOR. 1629

directed to issue a State Loan, in the aggregate sum of
not exceeding Three Hundred Fifty Thousand Dollars
($350, 000), to be known as the "Maryland School for the
Blind Loan of 1949". One Hundred Seventy-five Thousand
Dollars ($175, 000) of said loan shall be dated October 1,
1949, and One Hundred Seventy-five Thousand Dollars
($175, 000) shall be dated April 1, 1950. 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 there-
on 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 hereinabove
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 Treas-
ury and the Treasurer of this State, or a majority of them,
shall issue said certificates of indebtedness 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
Three Hundred Fifty Thousand Dollars ($350, 000) shall
have been issued so that the entire principal shall be re-
deemable as follows:

One Hundred Seventy-five Thousand Dollars ($175, 000)
of said loan, bearing date of October 1, 1949, shall be re-
deemable as follows:

Series AMOUNT Redeemable

"A" $ 8, 000 October 1, 1952

"B" 8, 000 October 1, 1953

"C" 9, 000 October 1, 1954

"D" 10, 000 October 1, 1955

"E" 10, 000 October 1, 1956

"F" 10, 000 October 1, 1957

"G" 13, 000 October 1, 1958

"H" 14, 000 October 1, 1959

"I" 16, 000 October 1, 1960

"J" 18, 000 October 1, 1961

"K" 18, 000 October 1, 1962

"L" 20, 000 October 1, 1963

'M" 21, 000 October 1, 1964

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