1344                            LAWS OF MARYLAND                     [CH. 848

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 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 [of] or any
part thereof so authorized to be issued at any particular time, includ-
ing 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 reg-
istered 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 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 [three] four per cent
[(3%)] (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, 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, accord-
ing 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 certificates and
every part thereof and the interest payable thereon shall be and
remain exempt from State, County and municipal taxation.

8.

That if any funds provided by this Act shall not have been con-
tracted for within [five] ten years from fee effective date of this
Act JUNE 1, 1961, then such funds shall be deemed to have been
abandoned. If the total loan authorized herein shall have been issued
within [five] ten years from the effective date of this Act JUNE 1,
1961, then the amount specified herein for said abandoned funds
shall be transferred to the Annuity Bond Fund and shall be applied
to the debt service requirements of the State. If, however, the
total loan authorized herein shall not have been issued within [five]
ten years from fee effective date of this Act JUNE 1, 1961, then