714 LAWS OF MARYLAND. [CH. 284

places within the State as possible with moneys available
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 bear interest at a rate to be fixed by the
Governor of the State, the Comptroller 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 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 within fifteen
(15) years after the issuance thereof. The said loan shall
be issued and dated at such time as the Governor, the
Comptroller of the Treasury and the Treasurer of the
State, or a majority of them, may determine.

2. That in issuing the certificates of indebtedness for
said loan as herein provided 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
so worked out as to discharge the principal represented by
said certificates within fifteen (15) years from the time of
its issuance; provided, however, that it shall not be neces-
sary to provide for the redemption of any part of the prin-
cipal represented by any certificate for the first two (2)
years from the time of its issuance.

8. That the County Commissioners of the several coun-
ties of the State, and the Mayor and City Council of Balti-
more are hereby respectively directed to levy State taxes
for the year 1950 at one-fortieth (1/40) of one cent on
each one hundred dollars ($100. 00) of assessable property;
for the year 1951 at one-twentieth (1/20) of one cent on
each one hundred dollars ($100. 00) of assessable prop-
erty; for the year 1952, and annually thereafter to and
including the year 1962, at one-tenth (1/10) of one cent
on each one hundred dollars ($100. 00) of assessable prop-
erty, to be collected according to law, to meet the interest
on the amount of said certificates outstanding and also to
meet and redeem so much of the principal in each of said
years as will be represented by certificates redeemable in
each year, respectively, as herein specified in Section 2 of
this Act.

SECTION 2. And be it further enacted, That this Act
shall take effect June 1, 1949.

Approved April 22, 1949.