1628

LAWS OF MARYLAND

Ch. 608

at one time, or, in groups, from time to time, as
hereinafter provided. All of said certificates
evidencing said loan, or any group thereof, shall be
issued according to what is known as the serial annuity
plan so worked out as to discharge the principal
represented by said certificate within fifteen (15) years
from the time of its issue, provided, however, that it
shall not be necessary to provide for the redemption
[[of]] of any part of the principal represented by any
certificates for the first two (2) years from the time of
the issuance of said certificates.

(b)   Resolution as to details of issuance. —The
Board of Public Works shall, and it is hereby authorized
and empowered to, pass a resolution or resolutions, from
time to time, determining and setting forth[[;]]:

(1)    The proportion of the total loan authorized by
this section which shall be issued at any particular
time;

(2)    The form of the certificates representing the
loan or any part so authorized to be issued at any
particular time, including any interest coupons to be
attached thereto, and provisions for the issuance of
certificates in registered form, provisions for the
registration of any coupon certificates as to principal
of loan, and for the reconversion into coupon
certificates of any certificates registered as to
principal.

(3)     The denomination or denominations of the
certificates to be issued at any particular time, which
may not be less than one hundred dollars ($100.00) but
may be in sums of one hundred dollars ($100.00) or any
suitable multiple thereof, and the place or places of
payment of principal and interest thereof.

(4)    The rate or rates of interest of the
certificates to be issued at any particular time, payable
semiannually.

(5)    The date of the certificates issued at any
particular time, and within the limits prescribed in
Article III, § 34 of the Constitution of Maryland, the
redemption dates of said certificates.

The resolution authorizing the issuance of said loan
or any portion thereof shall set forth in detail the
dates when any of the certificates representing said loan
or any portion thereof are to be redeemed and the amount
to be redeemed upon such dates, respectively, according
to the serial annuity plan applied to said loan as a
whole or to the group of certificates evidencing a part
of said loan issued at a particular time, as the case may
be. Said loan and certificates and every part thereof
and the interest payable thereon shall be and remain
exempt from State, county and municipal taxation.

(c)    Preparation of bonds or certificates; date and
signature. — The Board of Public Works is hereby
authorized and directed to have prepared proper bonds or
certificates of indebtedness of the State in good and
sufficient form to aggregate the amount of fifty million
dollars ($50,000,000), as evidence of such loan; such
bonds or certificates of indebtedness shall bear date as