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372
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LAWS OF MARYLAND.
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the date of their issue, and shall be exempt front
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State and county and municipal taxation.
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SEC. 2. And be it enacted, That the Governor,
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Comptroller and Treasurer, or a majority, of them,
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be and are hereby authorized to issue and to ex-
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Exchange at
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change at par for the certificates of debt or bonds
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par.
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of the State called " The Defence Loan," and to-
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sell at the best advantage and to the highest cash
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offer, after the Treasurer of the State shall have
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first given notice in one or more newspapers of
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not less than thirty days, inviting proposals, which-
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proposals shall be opened by him in the presence
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of the Governor and the Comptroller ; any or all
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of said certificates of debt or bonds to be called
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" The Defence Redemption Loan," to the amount
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of said loan, or so" much of it as may be necessary
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to carry out the object and purpose of this act,
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whenever they, or a majority of them, shall deem
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Proviso.
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it to be advisable to do so; and provided that no-
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certificate of debt or bond issued under this act
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shall be issued for a less sum than one hundred
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dollars, or for any multiple thereof, and no such
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certificate shall be sold at less than its par value.
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SEC. 3. And be it enacted, That whenever the cer-
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tificates of debt or bonds to be issued under this
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act shall be exchanged or sold, as herein provided,.
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the Governor, Comptroller and Treasurer, or the
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majority of them making such exchange or sale,
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Rate of in-
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shall fix and determine and set forth in the bodj
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terest.
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of the certificates or bonds so exchanged or sold,.
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or in the coupons that may be thereto attached,
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the rate of interest which said certificates or
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bonds shall bear ; provided such interest shall not
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exceed four and a half per centum per annum, as-
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herein before declared.
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SEC. 4. And be it enacted, That the proceeds of
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the sale or sales of said certificates of debt or
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bonds shall be paid to the Treasurer on the war-
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rant of the Comptroller, and are hereby appro-
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Proceeds —
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priated to be disbursed and used exclusively for
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how applied.
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the redemption and payment of the certificates of
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debts or bonds of the State called " The Defence
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