10 LAWS OF MARYLAND [CH. 5

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 Mil-
lion Dollars ($75, 000, 000).

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, pro-
vided, however, that it shall not be necessary to provide for the
redemption of any part of the principal represented by any certifi-
cate 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, in-
cluding any interest coupons to be attached thereto, and provisions
for the issuance of certificates in registered form, provisions for
the registration of any coupon certificate 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 1/2%] 4% 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 Con-
stitution of Maryland, the redemption dates of said certificates.

The Resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the cer-
tificates representing said loan or any portion thereof are to be
redeemed and the amount to be redeemed upon such dates, respec-
tively, according to the serial annuity plan applied to said loans as
a whole or to the group of certificates evidencing a part of said loan
issued at a particular time, as the case may be. Said loan and cer-
tificates 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 Section 1 of Chapter 532
of the Acts of 1957, be and the same is hereby repealed and re-
enacted, with amendments, to read as follows: