1196                             LAWS OF MARYLAND                       [CH. 772

Section 1. Be it enacted by the General Assembly of Maryland,
That the Board of Public Works is hereby authorized and directed to
issue a State Loan to be known as the "Friendship International Air-
port Loan of 1965," in the aggregate sum of One Million Five Hun-
dred Thousand Dollars ($1,500,000.00). 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 certificates for the first two (2) years from the time of the
issuance of said certificates. The Board of Public Works 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
is 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 registra-
tion 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 not be 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 four percentum (4%) per
annum, payable semi-annually.

(e)    The date of the certificates issued at any particular time,
and within the limit prescribed by Article III, Section 34 of the Con-
stitution of Maryland and 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 Certificates
of Indebtedness of the State in good and sufficient form to aggregate
the amount of One Million Five Hundred Thousand Dollars ($1,500,-
000.00) as evidence of such loan; such certificates of indebtedness
shall be dated as of the time of their issue as provided in Section 1
of this act. Each of said certificates shall be signed and countersigned