JOHN WALTER SMITH, ESQ., GOVERNOR.

937

SEC. 2. And be it enacted, That the Governor, Comptroller
of the Treasury and the Treasurer, or majority of them, be
and they are hereby authorized and directed to have prepared
proper certificates of indebtedness of this State in good and
sufficient form to aggregate the amount of five hundred thou-
sand dollars as evidence of such loan; such certificate of
indebtedness shall each bear date the first day of July, 1900, and
shall not be issued in less sum than one hundred dollars, or
some multiple thereof, except in cases where the due execu-
tion of the provisions of this Act may require the issue of
certificates or certificate of indebtedness expressing in part a
fraction or fractions, of one hundred dollars; each of said
certificates of indebtedness shall be signed by the Treasurer of

Certificates of
indebtedness
for certain

amount.

the State and countersigned by the Comptroller of the
Treasury thereof, and shall bear interest at a rate not exceed-
ing three and one-half per centum per annum, payable semi-
annually on the first day of January and the first day of July
of each year; such proportion of said certificates of indebted-
ness shall be registered, and such portion as shall have interest
coupons attached thereto as said Governor, Comptroller of the
Treasury and Treasurer, or a majority of them, may determine;
each of said certificates of indebtedness shall be payable fifteen

Rate of
interest.

years after the date thereof, but shall be redeemable at the
pleasure of the State of Maryland after the first day of July in
the year 1910, and each of said certificates of indebtedness,
and the respective debts evidenced thereby, shall be exempt
from all State, county and municipal taxation.

When redeem-
able.

SEC. 3. And be it further enacted, That in order to provide
for the selling of the certificates of indebtedness aforesaid,
issued under the provisions of this Act, the Governor, Comp-
troller of the Treasury and Treasurer of this State, or a
majority of them, be and they are hereby directed to advertise
twice a week for four successive weeks, between the first day
of April and the first day of June, 1900, in two newspapers
published in each of the Cities of Baltimore and New York,
that the Treasurer of this State will be in readiness between
the first day of June and the first day of July, in the year
1900, to sell at such place or places as may be named therein
in said respective advertisement, bonds or certificates of
indebtedness, issued under the provisions of this Act, under
such regulations as may be made, in the discretion of the
said Governor, Comptroller of the Treasury and Treasurer,
or a majority of them, and the accrued interest between the
first day of July, 1900, and the time of the acceptance, pay-
ment and delivery for the said bonds shall be rebated to the

To provide for
the sale of said
certificates.