SPIRO T. AGNEW, Governor                       1053

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, how-
ever, 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 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 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
Hundred Dollars ($100.00) but may be in sums of One Hundred
Dollars ($100.00) or any suitable multiple thereof, and the place or
places of payment of principal and interest thereof.

(d)   The rate or rates of interest of the certificates to be issued
at any particular time not exceeding in any case 4½% per annum,
payable semi-annually.

(e)  The date of the certificates issued at any particular time, and
within the limits prescribed by Article 11, ARTICLE III, Section 34
of the Constitution of Maryland the redemption dates of said cer-
tificates.

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.

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 Fifty-one Thousand Dollars ($51,000),
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.