PHILLIPS LEE GOLDSBOROUGH, ESQ., GOVERNOR. 1247

interest at the rate to be fixed by the Governor, Comptroller and
Treasurer of. this State, or a majority of them, not to exceed
four per centum per annum, payable on the first days of
January and July of each year, and the said loan and every
part thereof, and the interest payable thereon, shall be and
remain exempt from State, county and municipal taxation,
and the principal amount of said loan shall be payable fifteen
years from date of respective series.

SEC. 3. And be it further enacted by the General Assembly
of Maryland. That the Governor, Comptroller and Treasurer,
or a majority of them, are hereby authorized, empowered and
directed to have prepared proper bonds or certificates of indebt-
edness of the State in good and sufficient form to aggregate
the amount of four hundred thousand dollars ($400,000) as
evidence of said loan; such bonds or certificates of indebted-
ness shall bear dates as provided in section 2 of this act, to be
issued in denominations of one thousand dollars ($1,000.00)
each, and shall be signed by the Treasurer of the State, and
countersigned by the Treasurer of the State and countersigned
by the Comptroller, and shall bear interest not exceeding four
per centum (4%) per annum, payable on the first days of
January and July of each year; such portion of said bonds
or certificates shall be registered and such portion shall have
interest coupons attached thereto, as the Governor, Treasurer
and Comptroller of the Treasury, or a majority of them, shall
determine.

SEC. 4. And be it further enacted by the General Assembly
of Maryland, That in order to provide for the selling of the
bonds or certificates of indebtedness aforesaid, to be issued
. under the provisions of this act, the Governor, Comptroller of
the Treasury and Treasurer of the State, or a majority of
them, are hereby directed to advertise twice a week for four
successive weeks, between the first day of December, 1912, and
the first day of January, 1913, and a like notice between the
first day of June and the first day of July, 1913, in two news-
papers published in the City of Baltimore, that the Treasurer
of this State will be in readiness between the first and fifteenth
day of January, 1912, and between the first and fifteenth;
day of July, 1913, 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 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