678 LAWS OF MARYLAND. [Ch. 47Y]

of January and the first day of July in each and every year.
The principal amount of said loan shall be payable fifteen
years after the date of issue, but shall be redeemable at the
pleasure of the State of Maryland after ten years from the
date of issue, and the said loan and every part thereof and the
interest payable thereon shall be and remain exempt from
State, county and municipal taxation.

SEC. 2. And be it enacted, That the Governor, comptroller
of the treasury and the treasurer of the State, or a majority of
them, be and they are hereby authorized and directed to have
prepared proper certificates of indebtedness of the State to the
amount of one million dollars ($1,000,000.00), as evidence of
such loan; such certificates of indebtedness shall each be dated
on the first day of January, nineteen hundred and fourteen,
and shall not be issued for less sums than one hundred dollars
each, or some multiple thereof, except in cases where the due
execution of the provisions of this act may require the issuing
of a certificate or certificates of indebtedness expressing in
part a fraction or fractions of one hundred dollars; each of
such certificates of indebtedness shall be signed by the treasurer
of the State and countersigned by the comptroller of the treas-
ury thereof, and shall bear interest at a rate not exceeding
four per centum per annum, payable semi-annually on the first
day of July and the first day of January of each year; such
proportion of such certificates of indebtedness shall be regis-
tered, and such proportion shall have interest coupons attached
thereto, as the said Governor, comptroller of the treasury and
treasurer of the State, or a majority of them, may determine;
each of such certificates of indebtedness shall be redeemable by
the State at any time after ten years from the date thereof, and
payable fifteen years from the date thereof; each of such certifi-
cates of indebtedness, and the respective debt evidenced thereby
shall be exempt from all State, county and municipal taxation.

SEC. 3. And be it enacted, That in order to provide for the
exchange of certificates of indebtedness, issued under the pro-
visions of this act, for the bonds or evidences of indebtedness
issued under the said Chapter 219 of the Acts of 1898, men-
tioned and referred to in the preamble of this act, the Gov-
ernor, comptroller of the treasury and treasurer of the State,
or a majority of them, be and they are hereby directed to adver-
tise twice a week for three successive weeks between the first
day of September and the first day of November, in the year
nineteen hundred and thirteen, in two newspapers published
in the City of Baltimore, that the treasurer of this State will
be in readiness between the first day of October and the fif-