686                             LAWS OF MARYLAND                       CH. 445

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 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 reg-
istration 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
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 and rates of interest of the certificates to be issued
at any particular time not exceeding in any case five percent (5%) per
annum, payable semi-annually.

(e)    The date of the certificates issued at any particular time,
and within the limits prescribed by the Constitution 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, 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 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 one hundred twenty-nine million dol-
lars ($129,000,000), 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 the Maryland Constitu-
tion.

Sec. 3. And be it further enacted, That in order to provide for
the selling of the Certificates of Indebtedness aforesaid, to be issued
under the provisions of this Act, the Board of Public Works is