AUT. 91] PUBLIC ROADS. 1998

annum, payable on the 1st day of February and August in 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
(15) years after the date of said respective series, but shall be redeem-
able at the pleasure of the State of Maryland after ten years from the
date of issue.

Sections 40, 41, 42, 44. 45 and 47 of this article are identical with article
31. sections 26 to 31.

1908, ch. 141, sec. 32 i.

41. The governor, comptroller of the treasury and treasurer, or a
majority of them, are hereby authorized and directed to have prepared
proper certificates of indebtedness of the State, in good and sufficient
form, to aggregate the amount of five millions of dollars as evidence of
?uch loan; such certificates of indebtedness shall bear date as pro-
vided in section 40, and shall not be issued in less sums than one hun-
dred dollars, or some multiple thereof; each of said certificates shall be
signed by the treasurer of the State and countersigned by the comptroller
of the, treasury, and shall bear interest at the rate not exceeding three
mid one-half per cent, (3% per cent.) per annum, payable semi-annually
on the 1st day of February and the 1st day of August in each year;
such portion of said certificates shall be registered and such portion shall
have interest coupons attached thereto, as the governor, comptroller of
the treasury and treasurer, or a majority of them, shall determine.

1908, ch. 141, sec. 32 j.

42. In order to provide for the selling of the certificates of indebted-
ness aforesaid, to be issued under the provisions of this act, the governor,
comptroller of the treasury and treasurer of this State, or a majority
of them, are hereby directed to advertise twice a week for four suc-
cessive weeks between the 1st day of July and the 1st day of August.
1908, and by a like notice between the 1st day of January and the 1st
day of February for the next succeeding five years, in two newspapers
published in the city of Baltimore that the treasurer of this State will
be in readiness between the 1st day of August and the 15th day of
August, 1908, and each succeeding year up to and including the year
1913, between the first day of February and the 15th day of February,
in each of said years, 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 regula-
tions 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 delivery of and payment for said bonds and certificates shall
be adjusted with the" purchaser thereof 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 upon the day mentioned in