608                                        LAWS OF MARYLAND                                Ch. 238

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 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 One Million Dollars
($1,000,000.00), 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.

SECTION 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 to receive bids at such place or places as may be named in said
respective advertisements for bonds issued under the provisions of this Act, under
such procedures as may be determined in the discretion of the Board of Public
Works; and the accrued interest between the date of the bonds and the date of
delivery of and the payment for said bonds shall be adjusted with the purchaser