J. MILLARD TAWES, GOVERNOR 181

cluding any interest coupons to be attached thereto, and provi-
sions 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 be not less than One
Hundred Dollars ($100) but may be in sums of One Hundred Dol-
lars ($100) or any suitable multiple thereof, and the place or places
of payment of principal and interest thereof.

(d) The rate of interest of the certificates to be issued at any
particular time not exceeding in any case 4% per annum, 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 por-
tion 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, re-
spectively, 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 munici-
pal taxation.

SEC. 2. And be it further enacted, 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 One Million Two Hundred Fifty
Thousand Dollars ($1, 250, 000. 00), 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.

SEC. 3. And be it further enacted, That in order to provide for
the selling of the Certificates of Indebtedness aforesaid, to be
issued under the provisions of this Act, the Board of Public Works
is hereby directed to advertise once before the said Certificates of
Indebtedness, or any part thereof, shall be issued, in two news-
papers published in the City of Baltimore and in such other man-
ner as the Board of Public Works in its discretion may determine,
that the Treasurer of this State will be in readiness at a time
within twenty (20) days after expiration of said notice to receive
bids at such place or places as may be named in said respective
advertisements for bonds or Certificates of Indebtedness issued
under the provisions of this Act, under such regulations as may
be made in the discretion of the Board of Public Works; and the
accrued interest between the date of the bonds or Certificates of
Indebtedness and the time of sale and delivery of and payments for
said bonds or Certificates of Indebtedness shall be adjusted with
the purchaser thereof under such regulations as may be made in