612 DEBT—PUBLIC. [ART. 31.

1888, ch. 201, sec. 2.

4. The governor, comptroller of the treasury, and the treasurer
of this State, or a majority of them, are authorized and directed
to have prepared, certificates of indebtedness of this State, in
good and sufficient form, to the aggregate amount of four mil-
lions three hundred and eighty-one thousand and sixty-six dollars
and sixty-three cents, as evidences of such loan. Such certificates
of indebtedness shall each be dated on the first day of July, eigh-
teen hundred and eighty-nine; no one of said certificates shall be
issued for a less sum than one hundred dollars, or some multiple
thereof, except in cases where the due execution of the provi-
sions of this article may necessarily require the issue of a certifi-
cate 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 this State, and
countersigned by the comptroller of the treasury thereof, and
shall bear interest at a rate not exceeding three and sixty-five
hundredths per centum per annum, payable semi-annuaily, on the
first day of January and the first day of July, of each year; such,
proportion of said certificates of indebtedness shall be registered
and such proportion shall have interest coupons attached thereto,
as the governor, comptroller of the treasury and treasurer, or a
majority of them, may from time to time determine. Each of
said certificates of indebtedness shall be payable at the pleasure
of the State of Maryland after the first day of July, in the year
nineteen hundred and three; each of such certificates of indebt-
edness, and the respective debts evidenced thereby, shall be ex-
empted from all State, county and municipal taxation; and there
shall be endorsed by the treasurer of the State upon each of said
certificates of indebtedness, when the same is issued for exchange,
or other disposition under the provisions of sections 2 and 3 of
this article, the date of such issue and the time from which in-
terest shall begin to run thereon.

Ibid. sec. 8.

5. In order to provide for the exchange of the certificates of
indebtedness issued under the provisions of this article for the
said sterling bonds, or evidences of sterling indebtedness, the
governor, comptroller of the treasury and treasurer of this State,