LLOYD LOWNDES, ESQUIRE, GOVERNOR.

255

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the following sections, and the same are hereby
added to the said act of eighteen hundred and ninety-four,
chapter 231, to follow section 8 of said act.

New sections.

SEC. 9. And be it enacted, That for the purpose of the
erection, equipment and furnishing of the necessary buildings,
a loan be and the same is hereby created, to be called "me
Insane Asylum loan," to the amount of one hundred thousand
dollars, and the said loan hereby created shall, in all its parts,
bear date the first day of July, eighteen hundred and ninety-
six, and shall bear interest at a rate to be fixed by the Gover-
nor, the Comptroller of the Treasury, and the Treasurer of
this State, or a majority of them, not to exceed three and
sixty-five hundreths per centum per annum, payable on the
first day of January and July, in each and every year; and
the said loan, and every part thereof, and the interest payable
thereon shall be and remain exempt from all State, county and
municipal taxation, and the principal amount of the said loan
shall be redeemed or paid in fifteen years from the date of
such bonds, or at the pleasure of the State of Maryland, after
the first day of July, in the year nineteen hundred and six.

Creation of
loan.

SEC. 10. And be it enacted, That the Governor, Comptroller
of the Treasury 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 one hundred thous-
and dollars, as evidence of such loan; such certificates of
indebtedness shall each bear date, the first day of July, 1896,
and shall not be issued for less sum than one hundred dollars
each, or some multiple thereof, except in cases where the due
execution of the provisions of this act may require the issue of
certificates, or certificates of indebtedness, expressing in part
a fraction or fractions of one hundred dollars; each of said
certificates of indebtedness. shall be signed by the Treasurer of
the State, and countersigned by the Comptroller of the Treas-
ury thereof, and shall bear interest at a rate not exceeding
3.65 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 certificate of indebtedness shall be
registered, and such portion shall have interest coupons attached
thereto as said Governor, Comptroller of the Treasury and
Treasurer, or a majority of them may determine; each of said
certificates of indebtedness shall be payable fifteen years after
the date thereof, but shall be redeemable at the pleasure oi

To issue cer-
tificates of
indebted-
ness.