Ch. 195                             MARVIN MANDEL, Governor                                  279

Thousand Seven Hundred Dollars ($95,703,700)]] [[Ninety Million Seven
Hundred Fifty Five Thousand Three Hundred Dollars ($90.755.300)]] One
Hundred Eight Million Five Hundred Sixty Four Thousand Nine Hundred Dollars
($108,564,900).

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 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 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 [[laid]] 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 corporations, or public agencies of any kind.

SECTION 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 [[Ninety-Five
Million Seven Hundred Three Thousand Seven Hundred Dollars ($95,703,700)]]
[[[Ninety Million Seven Hundred Fifty Five Thousand Three Hundred Dollars
($90,755,300)]] One Hundred Eight Million Five Hundred Sixty Four Thousand
Nine Hundred Dollars ($108,564.900). 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.