310

LAWS OF MARYLAND.

first days of January and July in each and every
year ; and it is hereby declared that said loan,
and every part thereof, and the interest payable
thereon, shall be and remain exempted from all
state, county and municipal taxation, and that
the principal amount of said loan shall be re-
deemable at the pleasure of the State of Mary-
land after the iirst day of July, in the year nine-
teen hundred and three.
SEC. 2. And be it enacted, That the governor,
comptroller of the treasury, and the treasurer of
this state, or a majority of them, be and they are
hereby authorized and directed to have prepared,
certificates of indebtedness of this state, in good
and sufficient form, to the aggregate amount of
four millions three hundred and eighty-one thous-

How dated.

and and sixty-six dollars and sixty-three cents,
as evidences of such loan. Such certificates of
indebtedness shall each be dated on the first day
of July, eighteen hundred and eighty-nine ;
no one of said certificates shall be issued for a
less sum than one hundred dollars, or some mul-
tiple thereof, except in cases where the due exe-
cution of the provisions of this act may neces-

How issued.

sarily require the issue of a certificate or certifi-
cates of indebtedness, expressing in part a frac-
tion or fractions of one hundred dollars ; each of
such certificates of indebtedness 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 sixty-five hundredths per centum per annum,
payable semi-annually, on the first day of Janu-
ary, and the first day of July, of each year ; such
proportion of said certificates of indebtedness
shall be registered, and such proportion shall
have interest coupons attached thereto as the
governor, comptroller of the treasury and treas-
urer, or a majority of them may, from time to

When payable

time, determine. Each of said certificates of in-
debtedness shall be payable at the pleasure of
the State of Maryland after the first day of July,
in the year nineteen hundred and three ; each of
such certificates of indebtedness, and the re-
spective debts evidenced thereby, shall be ex-
empted from all state, county and municipal
taxation ; and there shall be endorsed by the