2004                             Laws of Maryland                       Ch. 715

PLAN NEED NOT BE IN EQUAL PAR AMOUNTS OR IN
CONSECUTIVE ANNUAL INSTALLMENTS BUT SHALL BE
SO WORKED OUT AS TO DISCHARGE THE principal repre-
sented by said certificates within fifteen (15) years from the
time of its issue; provided, however, that it shall not be neces-
sary 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 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 or rates of interest of the certificates to be issued
at any particular time, 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 Consti-
tution 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 certificates
representing said loan or any portion thereof are to be redeemed and
the amount to be redeemed upon such dates, respectively. 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 Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Ten Million Dollars ($10,000,000) FIVE
MILLION DOLLARS ($5,000,000), 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.

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 hereby
directed to advertise once before the said Certificates of Indebtedness