1338                            Laws of Maryland                       [Ch. 804

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 certi-
ficates within fifteen (15) years from the time of its issue; pro-
vided, however, that it shall not be necessary to provide for the re-
demption 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.

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, 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 certificates as to principal of loan and
for the reconversion into coupon certificates of any certificates regis-
tered 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 3½% per annum, pay-
able 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 Constitu-
tion 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, ac-
cording to the serial annuity plan applied to said loan as a whole or
to the group of certificates evidencing a part of said loan 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 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 Thirteen Million Nine Hundred Twenty Two
Thousand Three Hundred Dollars ($13,922,300), FOURTEEN
MILLION ONE HUNDRED AND ONE THOUSAND DOLLARS
($14,101,000), as evidence of such loan; such Certificates of Indebt-
edness shall bear date as of the time of their issue as provided in