JOHN WALTER SMITH, ESQ., GOVERNOR.

307

House of Correction, a loan be and the same is hereby created, to
be called the "State Loan of 1902," to the amount of six hundred
thousand dollars; the sum of two hundred and fifty thousand
dollars for the erection of an addition to the State House in the
city of Annapolis and for the furnishing thereof, and for the
removal and demolition of the State Library building and the
annexes thereto ; and the sum of one hundred and forty
thousand dollars for the purchase of a lot and the erection
thereon of a central heating plant to heat all of the State
buildings in Annapolis, and for the furnishing of the State
building now being erected under the Act of 1900, chapter
326 ; and the sum of. one hundred and twenty thousand dollars
for the completion of the Fifth Regiment Armory; and the
sum of ninety thousand dollars for the construction of an

CHAP. 200.

annex to the Maryland House of Correction. The said loan
hereby created shall in all its parts bear date the first day of
July, 1902, and shall bear interest at a rate to be fixed by
the Governor, the Comptroller of Treasury and the Treasurer
of this State, or a majority of them, not to exceed three and
one-half per cent, per annum, payable on the first day of
January and July in each year, and the said loan and every
part thereof, and the interest payable thereon, shall be and
remain exempt from 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 twelve.

Date
of loan.

SEC. 2. And be it enacted, That the Governor, Comptroller
of the Treasury and the Treasurer, or a majority of them, be
and they are hereby authorized and directed to have prepared
proper certificates of indebtedness of the State, in good and
sufficient form, to aggregate the amount of six hundred thou-
sand dollars as evidence of such loan ; such certificates of
indebtedness shall each bear date the first day of July, 1902,
and shall not be issued in less sums than one hundred dollars,
or some multiple thereof, except in cases where the due
execution of the provisions of this Act may require the issue
of a certificate or certificates of indebtedness expressing in
part a fraction or fractions of one hundred dollars; each of
said certificates shall be signed by the Treasurer of the State
and countersigned by the Comptroller of the Treasury thereof,
and shall bear interest at a rate not exceeding three and one-
half per centum per annum, payable semi-annually on the first
day of January and the first day of July in each year ; such
proportion of said certificates shall be registered, and such
portion shall have interest coupons attached thereto as the
Governor, Comptroller of the Treasury and Treasurer, or a
majority of them may determine ; each of said certificates of

Certificate

of
indebtedness
prepared.