ART. — .] BOUNTIES.

17

state is hereby authorized, under the direction of the
governor, to issue bonds or certificates of debt, which
said bonds or certificates of debt shall be exempt from
state, county and municipal taxation, countersigned by
the comptroller bearing interest at six per centum per
annum, payable semi-annually on the first day of Janu-
ary and July in each year, and redeemable in not less
than ten nor more than fifteen years, at the pleasure of
the state, in the name and on behalf of the state of
Maryland, to an amount not exceeding four millions of
dollars, or so much thereof as may be necessary, and
the proceeds of such bonds or certificates so issued shall
be passed to the credit of said defence loan, and the
• same is hereby appropriated for the purpose of paying
all liabilities incurred or to be incurred under the pro-

visions of this act, and the treasurer of the state is
hereby authorized, under the direction of the governor,
to invest in the bonds to be issued* as aforesaid, one
million of dollars of the interest of the sinking fund, or
more, if in their discretion advisable, or of any other fund
or surplusages in the treasury not otherwise appropri-
ated, and that all payments made by or on account of
the purchasers of the bonds or certificates of debt issued
under the provisions of this bill, shall be made to the
treasurer, on the warrant of the comptroller, and all
certificates of debt or bonds so issued shall be signed
by the treasurer and countersigned by the comptroller.

Treasurer to
issue bonds.

5. A special tax of five and a half cents is hereby
levied, [on every one hundred dollars' worth of the
taxable property of this state, to meet the interest
and create a sinking fund for the redemption of the
bonds or certificates of debt herein directed to be
issued and the tax shall be annually levied,] collected
and paid over to the state treasury until the debt created
by this act shall have been paid, and a separate and
distinct account shall be kept thereof, and the proceeds
thereof are hereby pledged to the payment of the inter-
est and principal of the said bonds or certificates of debt.

Ibid s 5.
Special tax

6. No further bonds or certificates of debt under the
act of 1864, c. 15, shall be issued.

Ibid s. 6.
Further issue
prohibited.