732

LAWS OF MARYLAND.

said respective debts as may not be so extended, and are now
outstanding and may be redeemed or exchanged by this State ;
and

WHEREAS, It is desirable to issue bonds or certificates of
indebtedness of this State to provide for the completion of the

Preamble.

penitentiary ; and for the erection of new buildings at the
House of Correction ; and for additional buildings at Second
Hospital for the Insane ; and for the purchase of a site and
the erection of an armory building for the Fifth Regiment
Infantry of the Maryland National Guard,

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That for the purpose of such extension and redemption
and to make provisions for the buildings and improvements

Loan created

hereinbefore mentioned, a loan be and the same is hereby
created to be called "The Consolidated Loan of Eighteen hun-
dred and ninety-nine," to the amount of five million and eight
hundred thousand dollars, and said loan hereby created shall in
all its parts bear date the first day of January, in the year
eighteen hundred and ninety-nine, and shall bear interest at a
rate not exceeding three per centum per annum, payable on
the first day of January and on the first day of July in each
and every year. The principal amount of said loan shall be
redeemable at the pleasure of the State of Maryland after the
first day of January in the year nineteen hundred and nine,
and payable on the first day of January, nineteen hundred and
fourteen, and said loan and every part thereof, and the interest
thereon shall be and remain exempted from all State, county
and municipal taxation.
SEC. 2. And be it enacted. That the Governor, Comp-
troller of the Treasury and the Treasurer of the State, or a
majority of them be and they are hereby authorized and
directed to have prepared proper certificates of indebtedness

Certificate of
Indebted-
ness.

of the State to the amount of five million and eight hundred
thousand dollars, as evidence of such loan ; such certificates of
indebtedness shall each be dated on the first day of January,
eighteen hundred and ninety-nine, and 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 pro-
visions of this Act may require the issuing of a certificate or
certificates of indebtedness expressing in part a fraction 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 per centum