2484                                    LAWS OF MARYLAND                         [Ch. 726

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