400

LAWS OF MARYLAND.

of said loan shall be redeemable at the pleasure of the State

of Maryland after the first day of July in the year 1904.

SEC. 2. And be it enacted, That the Governor, Comptroller

Authority to

of the Treasury and Treasurer of the State, or a majority

prepare certi-
ficates of in-

of them, be and they are hereby authorized and directed to

debtedness.

have prepared proper certificates of indebtedness of the State

in good and sufficient form to aggregate the amount of one

million six hundred and twenty-five thousand dollars as evi-

dence of such loan, such certificates of indebtedness shall

bear date the first day of July, 1904, and shall not be issued

in less sums than one thousand dollars; each of said certifi-

cates shall be signed by the Treasurer of the State and counter-

signed by the Comptroller of the Treasury thereof, and shall

bear interest at a rate not exceeding three and one-half per

cent, per annum, payable semi-annually on the first day of

January and the first day of July in each year ; such proportion

of said certificates shall be registered and such portion shall

have interest coupons attached thereto as the Governor, Comp-

troller of the Treasury and the Treasurer, or a majority of

them, may determine; each of the said certificates of indebt-

When certifi-
cates are pay-

edness shall be payable fifteen years after the date thereof,

able.

but shall be redeemable at the pleasure of the State of Mary-

land after the first day of July in the year 1914, and each of

said certificates of indebtedness and the debts evidenced thereby

shall be exempt from all State, county and muncipal taxation.

SEC. 3. And be it enacted, That in order to provide for the

Certificates,
sale of

selling of the certificates of indebtedness aforesaid, to be

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 second

day of June and the first day of July, 1904, in two newspapers

published in the City of Baltimore, that the Treasurer of this

State will be in readiness between the first day of July and

fifteenth day of July, 1904, to sell at such place or places

as may be named in said respective advertisement, bonds or

certificates or indebtedness issued under the provisions of

this Act, under such regulations as may be made, in the dis-

cretion of the Governor, Comptroller of the Treasury and

Treasurer, or a majority of them, and the accrued interest

between the date of the bonds or certificates and the time

of sale and delivery of and payment for said bonds and

certificates shall be rebated to the purchaser thereof under

such regulations as may be made in the discretion of the