1074                                      LAWS OF MARYLAND                                Ch. 481

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 what is known as the serial annuity plan
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.

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 certificate representing the loan or any 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.

(C)  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.

(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 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, according to the serial annuity plan applied to said loan as a
whole or to the group of certificates evidencing a part of said loan issued at a
particular time, as the case may be. Said loan and certificates and every part
thereof and the interest payable thereon shall be and remain exempt from State,
county and municipal taxation.

2.

That 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 seventy million 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
Maryland Constitution.

5(2).

The remainder of the proceeds of the loan be credited on the books of the State
Comptroller, to be expended to fund a ten (10) year statewide program for the
acquisition and development of outdoor recreation and open space areas. The
name of this program is "Program Open Space."