HARRY HUGHES, Governor

3523

thereof, and the place or places of payment of principal and
interest thereof.

(d)  The rate or rates of interest of the
certificates to be issued at any particular time, payable
semi-annually.

(e)  The date of the certificates issued at any
particular time, and within the limits prescribed by Article
III, Section 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.

2.

That the Board of Public Works is hereby authorized and
directed to have prepared proper certificates of
indebtedness of the State in good and sufficient form to
aggregate the amount [of fifty-six million dollars
($56,000,000)] WHICH IS SPECIFIED IN THE SCHEDULE PROVIDED
IN SECTION 2A OF THIS ACT as evidence of such loan; such
certificates of indebtedness shall bear date as of the time
of their issue as provided in Section 1 of this Act. Each
of said certificates shall be signed and countersigned in
the manner prescribed by Section 3 of Article VI of the
Maryland Constitution.

2A.

THE AGGREGATE AMOUNT OF THE STATE LOAN AUTHORIZED TO BE
ISSUED BY THIS ACT IS $56,000,000 WHICH SHALL BE REDUCED AT
THE TIMES AND BY THE AMOUNTS LISTED IN THIS SECTION TO THE
AGGREGATE SUM OF $20,000,000 ACCORDING TO THE FOLLOWING
SCHEDULE:

EFFECTIVE DATE AMOUNT OF CERTIFICATES NEW TOTAL OF
OF REDUCTION TO BE REDUCED AUTHORIZED INDEBTEDNESS

$52,400,000
48,800,000
45,200,000
41,600,000
38,000,000
34,400,000

JULY 1, 1981 JULY 1, 1982 JULY 1, 1983 JULY 1, 1984 JULY 1, 1985 JULY 1, 1986

$3,600,000 $3,600,000 $3,600,000 $3,600,000 $3,600,000 $3,600,000