Ch. 432                                    2004 LAWS OF MARYLAND

issue a State Loan to be known as the "Water Quality Loan of 1974", in the aggregate
amount of [Forty-Nine Million, Nine Hundred Forty-Four Thousand, Nine Hundred
Thirty-Nine Dollars ($49,944,939)] FORTY-NINE MILLION, ONE HUNDRED
EIGHTY-FOUR THOUSAND, THREE HUNDRED EIGHTY-ONE DOLLARS

($49,184,381).

The Certificates of Indebtedness (hereinafter called "bonds") evidencing said
loan may be issued all at one time or, in groups, from time to time, as hereinafter
provided. All of said bonds evidencing said loan, or any group thereof, shall be issued
according to a serial 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.

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

- 1964 -