1400                             Laws of Maryland                      [Ch. 664

merits 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 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 resolution authorizing the issuance of said loan or any por-
tion thereof [will] 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, 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
Care and will] shall be and remain exempt from State, county and
municipal taxation.

Chapter 138 of the Acts of 1964
1.

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]
according to a serial maturity plan to be established in the resolu-
tion authorizing the 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 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 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.

Chapter 159 of the Acts of 1964
1.

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] according
to a serial maturity plan to be established in the resolution authoriz-
ing the 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 certificates within fifteen (15) years from the time of its issue;