822 DEBT——PUBLIC. [ART. 31

1910, ch. 250, sec. 1 (p. 235).

14. The board of public works is hereby authorized and directed
to issue a loan in the sum of six hundred thousand dollars ($600,000)
for the purpose of constructing additional buildings for the care of
the insane at Springfield State Hospital at Sykesville; at the Maryland
Hospital for the Insane at Catonsville; at the Maryland Asylum and
Training School for the Feeble-Minded at Owings Mills, and for the
purchase of land and the erection of a hospital for the negro insane
of Maryland by the board of managers, and to provide for the appoint-
ment of a board of managers for the said negro hospital.
See art. 59, sec. 54, et seq.

1910, ch. 250, sec. 2 (p. 235).

15. For the purpose of providing for the expenditures to be incurred
in the construction of the hospital and additional buildings at the three
hospitals herein named and the further purpose of the purchase of the
necessary land and the erection and construction of a "Hospital for
the Negro Insane of the State of Maryland," by the board of managers
thereof, as herein provided, a loan is hereby created to be called "The
State Insane Hospital Loan,'' to the amount of six hundred thousand
dollars ($600,000), said loan shall bear dates as follows: Three hun-
dred thousand dollars ($300,000) to be known as series "A," January
1, 1911; three hundred thousand dollars ($300,000), to be known as
series "B," July 1, 1911, and shall bear interest at a rate to be fixed by
the governor, the comptroller and treasurer of this State, or a majority
of them, not to exceed four per cent. (4%) 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 the said loan shall be payable fifteen years after date of
said respective series, but shall be redeemed at the pleasure of the State
of Maryland after ten (10) years from the date of issue.

1910, ch. 250, sec. 3 (p. 235).

16. The governor, comptroller and treasurer, or a majority of them,
are hereby authorized, empowered and directed to have prepared proper
certificates of indebtedness of the State, in good and sufficient form to
aggregate the amount of six hundred thousand dollars ($600,000) as
evidence of said loan; such certificates of indebtedness shall bear dates
as provided in section 15, said bonds to be issued in any denomination
not less than one hundred dollars ($100) or greater than one thousand
dollars ($1,000) as may be determined by the governor, comptroller
and treasurer or a majority of them, each of said certificates shall be
signed by the treasurer of the State and countersigned by the comp-
troller, and shall bear interest not exceeding four per cent. (4%) per
annum, payable on the first days of January and July of each year; such
portion of said certificates shall be registered and such portion shall