902                              Laws of Maryland                      [Ch. 425

The certificates of indebtedness (hereinafter called "bonds") evi-
dencing said loan may be issued all at one time or, in groups, from
time to time, as hereinafter provided. All of said bonds evidencing
said loan, or any group thereof, shall be issued 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 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 prin-
cipal 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 or in registered form or both, and provisions for
the registration of the principal only of bonds having coupons
attached, and provisions for the reconversion into coupon bonds of
any bonds registered as to both principal and interest. OF BONDS
IN COUPON FORM AND FOR THE REGISTRATION OF COU-
PON 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 with-
in the limits prescribed by Article III, Section 34 of the Constitution
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
taxation 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 Eighty six Million Eight Hundred Forty-seven Thousand
Nine Hundred Dollars ($86,847,900) NINETY SEVEN MILLION