Marvin Mandel, Governor                       1203

($6,000,000). 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 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, 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.

(b)  The Board of Public Works shall and is hereby authorized
and empowered to pass a resolution or resolutions, from time to
time, determining and setting forth:

(1)   The proportion of the total loan authorized by this section
which shall be issued at any particular time.

(2)   The form of the certificate representing the loan or part
thereof so authorized to be issued at any particular time, including
any interest coupons to be attached thereto, and provisions for
the issuance of certificates in registered form, provisions for the
registration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates registered
as to principal.

(3)   The denomination or denominations of the certificates 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.

(4) The rate and rates of interest of the certificates to be issued
at any particular time, payable semi-annually.

(5) 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 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. Said
loan and certificates and every part thereof and the interest payable
thereon shall be and remain exempt from State, County and munic-
ipal taxation.

(c)  The Board of Public Works is hereby authorized and directed
to have prepared proper Certificates of Indebtedness of the State
in good and sufficient form to aggregate the amount of six million
dollars ($6,000,000), as evidence of such loan; such Certificates of
Indebtedness shall bear date as of the time of their issue as provided
in subsection (b) of this section. Each of said certificates shall be
signed and countersigned in the manner prescribed by Section 3 of
Article VI of the Maryland Constitution.

(d)  In order to provide for the selling of the Certificates of
Indebtedness aforesaid, to be issued under the provisions of this