Marvin Mandel, Governor                          1649

($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 certificates to be issued

at any particular time, payable semi-annually.

(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 certificates.

The resolution authorising 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 municipal
taxation.

THE CERTIFICATES OF INDEBTEDNESS (HEREINAFTER
CALLED "BONDS") EVIDENCING 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 NEC-
ESSARY TO PROVIDE FOR THE PAYMENT OF ANY PART OF
THE PRINCIPAL REPRESENTED BY ANY OF SAID BONDS
FOR THE FIRST TWO (2) YEARS FROM THE DATE OF ISSU-
ANCE.

THE BOARD OF PUBLIC WORKS IS HEREBY AUTHORIZED
AND EMPOWERED TO PASS A RESOLUTION OR RESOLU-
TIONS, FROM TIME TO TIME, DETERMINING AND SETTING
FORTH:

(A)    THE PROPORTION OF THE TOTAL LOAN AUTHOR-
IZED 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 INTEREST
COUPONS TO BE ATTACHED THERETO, AND PROVISIONS
FOR THE ISSUANCE OF BONDS IN COUPON FORM AND FOR
THE REGISTRATION OF COUPON 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
THEREON.