Marvin Mandel, Governor                        1415

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 shall set forth in detail the dates when any of the cer-
tificates 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 607 of the Acts of 1969
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.

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the cer-
tificates 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.

Sec. 2. And be it further enacted, That if the provisions of this
Act or the application thereof to any person or circumstance is held
invalid for any reason, such invalidity shall not affect the other
provisions or any other application of this Act which can be given
effect without the invalid provisions or application, and to this end,
all the provisions of this Act are hereby declared to be severable.

Sec. 3. And be it further enacted, That this Act shall take effect
June 1, 1971.

Approved May 24, 1971.