332

LAWS OF MARYLAND.

dred and ninety-one, and shall bear interest at a rate to be fixed by

the governor, comptroller of the treasury and the treasurer of this

State, or a majority of them, not exceeding three and sixty-five

hundredths per centum per annum, payable on the first days of

January and July, in each and every year, and said loan and every

part thereof, and the interest payable thereon, shall be and remain

exempted from all State, county and municipal taxation, and the

principal amount of said loan shall be redeemable at the pleasure

of the State of Maryland, after the first day of July, in the year

nineteen hundred and five.

SEC. 2. A nd be it enacted, That the governor, comptroller and

treasurer, or a majority of them, be and they are hereby authorized

and directed to have prepared proper certificates of indebtedness of

this State, in good and sufficient form, to the aggregate amount of

nine hundred and seventy thousand five hundred and ninety-five

dollars and thirty-five cents, as evidences of such loans; such cer-

tificates of indebtedness shall each be dated on the first day of July,

eighteen hundred and ninety-one, and shall not be issued for less

sums than one hundred dollars each, or some multiple thereof, ex-

cept in cases where the due execution of the provisions of this act

may require the issuing of a certificate or certificates of indebted-

ness expressing in part a fraction or fractions of one hundred dol-

lars; each of such certificates of indebtedness shall be signed by

the treasurer of the State, and countersigned by the comptroller of

Certifi-
cates.

the treasury thereof, and shall bear interest at a rate not exceeding

three and sixty-five hundredths per centum per annum, payable

semi-annually, on the first day of January and the first day of

July of each year; such proportion of said certificates of indebted-

ness shall be registered, and such proportion shall have interest

coupons attached thereto as the said governor, comptroller of the

treasury and treasurer, or a majority of them may determine ;

each of such certificates of indebtedness shall be redeemable at the

pleasure of the State of Maryland, after the first day of July, in

the year nineteen hundred and five; each of such certificates of

indebtedness, and the respective debts evidenced thereby, shall be

exempted from all State, county and municipal taxation.

SEC. 3. And be it enacted, That in order to provide for the ex-

change of the certificates of indebtedness, issued under the pro-

visions of this act for the bonds or evidences of indebtedness is-

sued under any of the acts mentioned and referred to in the pream-

ble of this act, the governor, comptroller of the treasury and

treasurer of this State, or a majority of them, be and they are

hereby directed to advertise twice a week, for three successive

weeks, between the first day of March and the first day of May,

in the year eighteen hundred and ninety-one, in two newspapers

published in each of the cities of Baltimore, Philadelphia, and

New York, that the treasurer of this State will be in readiness,