THEODORE R. MCKELDIN, GOVERNOR                           75

issuance of certificates in registered form, provisions for the regis-
tration 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 certificates to be
issued at any particular time, which may be not less than One Hun-
dred 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%] 4% 31/2% per
annum, payable semi-annually.

(e)   The date of the certificates issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Consti-
tution of Maryland, 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 annuity plan applied to said loan as a whole or to the
group of certificates evidencing a part of said loan issued at a par-
ticular time, as the case may be. Said loan and certificates and every
part thereof and the interest payable thereon shall be and remain
exempt from State, County and municipal taxation.

SEC. 4. And be it further enacted, That Section 1 of Chapter 80
of the Acts of 1956 be and the same is hereby repealed and re-enacted,
with amendments, to read as follows:

Section 1.

That the Board of Public Works is hereby authorized and directed
to issue a State loan to be known as the "General Public School Con-
struction Loan of 1956", in the aggregate sum of Seventy-five Million
Dollars ($75,000,000.00).

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 discharge the principal represented by said certificate 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 certificate for the first two (2) years
from the time of the issuance of said certificate.

The Board of Public Works shall and it is hereby authorized 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 certificates representing the loan or any part
thereof so authorized to be issued at any particular time, including