172 LAWS OF MARYLAND [CH. 45

DRED SIXTY-FOUR THOUSAND SIX HUNDRED
DOLLARS ($7,864,600).

The certificates evidencing said loan may be issued all at
one time or, in groups, from time to time, as hereinafter
provided. All of said certificates evidencing said loan, or
any group thereof, shall be issued according to what is
known as the serial annuity plan so worked out as to dis-
charge the principal represented by said certificates within
fifteen (15) years from the time of its issue; provided, how-
ever, that it shall not be necessary to provide for the re-
demption of any part of the principal represented by any
certificates for the first two (2) years from the time of the
issuance of said certificates.

The Board of Public Works shall, and is hereby author-
ized and empowered to, pass a resolution or resolutions,
from time to time, determining and setting forth:

(a) The proportion of the total loan authorized by this
Act which shall be issued at any particular time;

(b) The form of the certificate representing the loan or
any part thereof so authorized to be issued at any particular
time, including any interest coupons to be attached thereto,
and provisions for the issuance of certificates in registered
form, provisions for the registration of any coupon cer-
tificates as to principal of loan and for the reconversion
into coupon certificates of any certificates registered as to
principal.

(c) The denomination or denominations of the certifi-
cates to be issued at any particular time, which may be not
less than One Hundred Dollars ($100) but may be in sums
of One Hundred Dollars ($100) or any suitable multiple
thereof, and the place or places of payment of principal
and interest thereof.

(d) The rate of interest of the certificates to be issued at
any particular time not exceeding in any case 3% per
annum, payable semi-annually.

(c) The date of the certificates issued at any particular
time, and within the limits prescribed by Article III, Sec-
tion 34 of the Constitution of Maryland and the redemption
dates of said certificates.

The resolution authorizing the issuance of said loan or
any portion thereof shall set forth in detail the dates when
any of the certificates representing said loan or any portion
thereof are to be redeemed and the amount to be redeemed
upon such dates, respectively, according to the serial