THEODORE R. MCKELDIN, GOVERNOR 1807

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,
however, that it shall not be necessary to provide for the
redemption 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 particu-
lar 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 certificates 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 cer-
tificates 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.

(e) 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 redemp-
tion 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
annuity plan applied to said loan as a whole or to the