1294

LAWS OF MARYLAND

[Ch. 259

(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 Hundred
Sixty Million Dollars ($160,000,000)]] [[One Hundred
Fifty-Seven Million Dollars ($157,000,000)]] ONE HUNDRED
SIXTY MILLION DOLLARS ($160.000,000), 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.