(E) THE DATE OF THE CERTIFICATES ISSUED AT ANY
PARTICULAR TIME, AND WITHIN THE LIMITS PRESCRIBED
BY ARTICLE III, SECTION 34 OF THE CONSTITUTION OF
MARYLAND, THE REDEMPTION DATES OF SAID CERTIFI-
CATES.

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 RE-
DEEMED UPON SUCH DATES, RESPECTIVELY, ACCORDING
TO THE SERIAL ANNUITY PLAN APPLIED TO SAID LOAN
AS A WHOLE OR TO THE GROUP OF CERTIFICATES EVI-
DENCING A PART OF SAID LOAN ISSUED AT A PARTICU-
LAR TIME, AS THE CASE MAY BE. SAID LOAN AND CER-
TIFICATES AND EVERY PART THEREOF AND THE IN-
TEREST PAYABLE THEREON SHALL BE AND REMAIN
EXEMPT FROM STATE, COUNTY AND MUNICIPAL TAXA-
TION.

2.

THAT THE BOARD OF PUBLIC WORKS IS HEREBY AU-
THORIZED AND DIRECTED TO HAVE PREPARED PROPER
CERTIFICATES OF INDEBTEDNESS OF THE STATE IN GOOD
AND SUFFICIENT FORM TO AGGREGATE THE AMOUNT OF
[SIXTY MILLION DOLLARS ($60,000,000)] SEVENTY MIL-
LION DOLLARS ($70,000,000) AS EVIDENCE OF SUCH LOAN;
SUCH CERTIFICATES OF INDEBTEDNESS SHALL BEAR
DATE AS OF THE TIME OF THEIR ISSUE AS PROVIDED IN
SECTION 1 OF THIS ACT. EACH OF SAID CERTIFICATES
SHALL BE SIGNED AND COUNTERSIGNED IN THE MANNER
PRESCRIBED BY SECTION 3 OF ARTICLE VI OF THE MARY-
LAND CONSTITUTION.

6.

That for the primary source of payment of the principal of and
the interest on the bonds or Certificates of Indebtedness issued
under the provisions of this Act as the same become due and pay-
able, there shall be and is hereby laid an annual tax which shall
consist of such amounts as may be necessary of the proceeds of the
tax on written instruments, imposed pursuant to the provisions of
Section 278A of Article 81 of the Annotated Code of Maryland as
set forth in Section 10 of this Act.

7.

That, in addition, and as the secondary source of payment, there
shall be and is hereby levied and imposed an annual State tax on

1170                            Laws of Maryland                      [Ch. 353

PLACE OR PLACES OF PAYMENT OF PRINCIPAL AND
INTEREST THEREOF.

(D) THE RATE OR RATES OF INTEREST OF THE CERTIFI-
CATES TO BE ISSUED AT ANY PARTICULAR TIME, NOT
EXCEEDING IN ANY CASE FIVE PER CENT (5%) PER

ANNUM, PAYABLE SEMI-ANNUALLY.