MARVIN MANDEL, Governor                       1169

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 regis-
tered 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 Dol-
lars ($100) 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 5% per annum,
payable semiannually.

(e)  The date of the certificates issued at any particular time,
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the 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 certifi-
cates representing said loan or any portion thereof, are to be re-
deemed and the amount to be redeemed upon such dates, respec-
tively, 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 cer-
tificates 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 Thirteen Million Dollars ($13,000,000),
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.