J. MILLARD TAWES, Governor 319

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 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 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 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
Constitution 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 which any of the certif-
icates representing said loan or any portion thereof are to be re-
deemed 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 particular time, as the case may be. Said loan and certif-
icates 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 Seven Million Dollars ($7, 000, 000) FIVE
MILLION DOLLARS ($5, 000, 000), as evidence of such loan; such
Certificates of Indebtedness shall bear date as of the time of their
issue as provided in Section 1 of this Act. Each of said certificates
shall be signed and countersigned in the manner prescribed by Section
3 of Article VI of the Maryland Constitution.