ART. 31] STATE ROADS LOAN. 827

known as series "D," February 1, 1911; one million dollars, to be
known as series "E," February 1, 1912; and five hundred thousand
dollars, to be known as series "F," February 1, 1913; and shall bear
interest at a rate to be fixed by the governor, the comptroller and the
treasurer of this State, or a majority of them, not to exceed three and
one-half per cent. (3 1/2 per cent.) per 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 redeemable at the pleasure of the State of
Maryland after ten years from the date of issue.

Sections 26 to 31 of this article are identical with art. 91, sections 40, 41,
42, 44, 45 and 47.

1908, ch. 141, sec. 32 I.

27. 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
such loan; such certificates of indebtedness shall bear date as provided
in section 26, and shall not be issued in less sums than one hundred
dollars, or some multiple thereof; each of said certificates shall be
signed by the treasurer of the State and countersigned by the comp-
troller of the treasury, and shall bear interest at the rate not exceeding
three and one-half per cent. (3 1/2 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 por-
tion shall have interest coupons attached thereto, as the governor, comp-
troller of the treasury and treasurer, or a majority of them, shall
determine.

1908, ch. 141, sec. 32 J.

28. In order to provide for the selling of the certificates of indebted-
ness aforesaid, to be issued under the provisions of sections 26 to 31, 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 successive 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 news-
papers 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 certifi-
cates of indebtedness issued under the provisions of said sections, under
such regulations as may be made in the discretion of the governor,.