748

LAWS OF MARYLAND.

SECTION 1. Be it enacted by the General As-
sembly of Maryland, That a loan be and the
same is hereby created for the purposes ex-
pressed in the preamble of this act, to be
Called "The Exchange Loan of eighteen hun-
dred and eighty- six," to 'the amount of one
million eight hundred and ninety-six thous-
and four hundred and nine dollars and ten
cents, in renewal of the loans referred to in
the preamble of this act, bearing an interest
not greater than three and sixty-five hun-

Exchange loan.

dredths per centum per annum, payable semi-
annually on the first days of January and July
in each and every year, which said loan shall
be exempt from State, county and municipal
taxation, and shall be payable fourteen years
after the first day of July in the year eighteen
hundred and eighty-six, but shall be redeem-
able at the pleasure of the State, in whole, or
in part, at any time after ten years from said,
last mentioned date.

SEC. 2. And 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 to the amount
of one million eight hundred and ninety-six
thousand four hundred and nine dollars and
ten cents as evidences of such loan; such cer-
tificates of indebtedness shall each be dated
on the first day of July, eighteen hundred and
eighty-six; they shall not be issued for less
sums than one hundred dollars each, or some
multiple thereof, except in cases where the
due execution of the provisions may require
the issue of a bond, or bonds, expressing in
part a fraction or fractions of hundred dollars ;
each of such certificates of indebtedness shall

Issue certifi-
cates.

be signed by the Treasurer and countersigned
by the Comptroller, and shall bear interest at
the rate of not exceeding three and sixty-five
hundredths per centum, payable semi-annually
on the first day of January and the first day of
July of each year; such portion of said bonds