HARRY HUGHES, Governor

2183

annuity plan so worked out as to discharge the principal
represented by said certificates within fifteen (15) years from
the time of its issue; provided, however, that it shall not be
necessary to provide for the redemption 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.

The Board of Public Works shall, and 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 certificate representing the loan
or any 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 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.

(c)  The denomination or denominations of the
certificates 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 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
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