1316

LAWS OF MARYLAND

[Ch. 262

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.