Theodore R. McKeldin, Governor                   243

[See page image for strike-through]

EIGHT
MILLION FIVE HUNDRED FIFTY THOUSAND ONE HUN-
DRED AND SIXTY-SEVEN DOLLARS ($8,550,167).

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 certifi-
cates 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 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 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 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
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, Section 34 of the
Constitution 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. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed to have prepared proper Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of

[See page image for strike-through]