1406                             Laws of Maryland                      [Ch. 664

ticular 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.

Article 62B
8B.

(a) Amount and purpose of loan; issuance of certificates. The Board
of Public Works is hereby authorized, empowered and directed, upon
recommendation of the Authority, by resolution or resolutions duly
adopted, to issue a State loan to be known as the "Maryland Port
Authority Loan of 1967" evidenced by bonds issued at one time, or
in a series from time to time, in an aggregate principal amount not
exceeding fifty million dollars ($50,000,000) for the purpose of pro-
viding funds (i) for paying the cost of any extensions, enlargements
or improvements of the existing port facilities, and (ii) for paying
the cost of any additional port facilities. 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 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, how-
ever, 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.

(5) 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, 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
certificates and every part thereof and the interest payable thereon
shall be and remain exempt from State, county and municipal
taxation.

Chapter 759 of the Acts of 1967
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 author-
izing the issuance of said loan or any portion thereof, which plan
need not be in equal par amounts or in consecutive annual install-
ments 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.