Marvin Mandel, Governor                         383

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 date
of its issue. It shall not be necessary 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 the 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 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.

(d)  The rate or rates of interest on the bonds to be issued at any
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 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 cor-
porations, or public agencies of any kind.

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and empowered to have prepared proper
bonds of the State in good and sufficient form to aggregate the
amount of One Million Dollars ($1,000,000), as evidence of such loan;
such bonds shall bear date as of the time of their issue as provided
in Section 1 of this Act. Each of said bonds shall be signed and
countersigned in the manner prescribed by Section 3 of Article VI
of the Maryland Constitution.

Sec. 3. And be it further enacted, That in order to provide for the
sale of said bonds, the Board of Public Works is hereby directed to
advertise once before the said bonds or any part thereof shall be
issued in two newspapers published in the City of Baltimore and in
such other manner as the Board of Public Works in its discretion
may determine, that the Treasurer of this State will be in readiness
at a time within twenty (20) days after the expiration of said notice