Marvin Mandel, Governor                        1307

issuance of said loan or any portion thereof, which plan need not be
in equal par amounts or in consecutive annual installments but shall
be so worked out as to discharge the principal represented by said
bonds within fifteen (15) years from the date of issue. It shall not
be necessary to provide for the payment of any part of the principal
represented by any of said bonds for the first two (2) years from the
date of issuance.

The Board of Public Works 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 bond representing the loan or part thereof
so authorized to be issued at any particular time, including any in-
terest coupons to be attached thereto, and provisions for the issuance
of bonds in coupon form and for registration of coupon bonds as to
principal only.

(c)    The denomination or denominations of the bonds 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 bonds to be issued at any
time, payable semi-annually.

(e)    The date of the bonds issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Consti-
tution of Maryland, the payment dates of said bonds.

The resolution authorizing the issuance of said loan or any portion
thereof shall set forth in detail the dates when any of the bonds
representing said loan or any portion thereof are to be paid and the
amount to be paid upon such dates, respectively. The bonds issued
pursuant to this Act, their transfer, the interest payable thereon,
and any income derived therefrom, including any profit realized in
the sale or exchange thereof, shall at all times be exempt from taxa-
tion of every kind and nature whatsoever within this State by the
State of Maryland or by any of its political subdivisions, municipal
corporations, or public agencies of any kind.

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and directed to have prepared proper
bonds of the State in good and sufficient form to aggregate the amount
of One Hundred FIFTY Million Dollars ($100,000,000.00 $150,000,-
000.00), as evidence of such loan; such bonds shall bear date as of
the time of their issue as provided in Section 1 of this Act. Each of
said bonds shall be signed and countersigned in the manner pre-
scribed by Section 3 of Article VI of the Maryland Constitution.

Sec. 3. And be it further enacted, That in order to provide for the
sale of said bonds, the Board of Public Works is hereby directed to
advertise once before the said bonds or any part thereof shall be
issued in two newspapers published in the City of Baltimore and in
such other manner as the Board of Public Works in its discretion