1674                             Laws of Maryland                      [Ch. 643

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 the said bonds
evidencing said loan, or any group thereof, shall be issued 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
represented by said bonds within fifteen (15) years from the time
DATE OF ISSUE. of its issue; provided, however, that it IT shall not
be necessary to provide for the redemption PAYMENT of any part
of the principal represented by any OF SAID bonds for the first two
(2) years from the time of the DATE OF issuance of said bonds.

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:

(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
interest coupons to be attached thereto, and provisions for the
issuance of bonds in registered form, provisions COUPON FORM,
AND for the registration OF COUPON BONDS AS TO PRINCIPAL
of any coupon bonds as to principal of loan and for the reconversion
into coupon bonds of any bonds registered 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.) ($100) but may be in sums of One Hundred Dollars
($100.) ($100) or any suitable multiple thereof, and the place or
places of payment of principal and interest thereof THEREON.

(d)    The rate or rates of interest of ON the bonds to be issued at
any particular time, payable semi-annually.

(e)    The date of the bonds issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the redemption 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 redeemed
PAID and the amount to be redeemed PAID upon such dates, re-

spectively. Said loan and bonds and every part thereof and the in-

terest payable thereon shall be and remain exempt from State, county
and municipal taxation. THE BONDS ISSUED PURSUANT TO
THIS ACT, THEIR TRANSFER, THE INTEREST PAYABLE
THEREON, AND ANY INCOME DERIVED THEREFROM, IN-
CLUDING ANY PROFIT REALIZED IN THE SALE OR EX-
CHANGE THEREOF, SHALL AT ALL TIMES BE EXEMPT
FROM TAXATION OF EVERY KIND AND NATURE WHATSO-
EVER 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 EMPOWERED to have prepared