THEODORE R. MCKELDIN, GOVERNOR                     77

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Sec 4 5. And be it further enacted, That Section 1 of Chapter 741
of the Acts of 1957 be and the same is hereby repealed and re-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 "Sewage Treatment Plant
Loan of 1957", in the aggregate sum of Five Million Dollars ($5,-
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
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 certifi-
cates for the first two (2) years from the time of the issuance of
said certificates.