16 LAWS OF MARYLAND. [CH. 6

The Board of Public Works or a majority of them shall
and are hereby authorized and empowered to pass a resolu-
tion or resolutions, from time to time, determining and set-
ting forth:

(a) The proportion of the total loan authorized by this
Act which shall be issued at any particular time;

(b) The form of the certificates representing the loan or
any part thereof go authorized to be issued at any particular
time, including any interest coupons to be attached thereto,
and provisions for the issuance of certificates in registered
form, provisions for the registration of any coupon certificate
as to principal of loan and for the reconversion into coupon
certificates of any certificates registered as to principal.

(c) The denomination or denominations of the certificates
to be issued at any particular time, which may be not less
than One Hundred Dollars ($100) but may be in sums of
One Hundred Dollars ($100) or any suitable multiple thereof,
and the place or places of payment of principal and interest
thereof.

(d) The rate of interest of the certificates to be issued at
any particular time not exceeding in any case four percent
(4%) per annum, payable semi-annually.

(e) The date of the certificates issued at any particular
time, and within the limits prescribed by Article III, Section
34 of the Constitution of Maryland the redemption dates of
said certificates.

The Resolution authorizing the issuance of said loan or
any portion thereof shall set forth in detail the dates when
any of the certificates representing said loan or any portion
thereof are to be redeemed and the amount to be redeemed
upon such dates, respectively, according to the serial annuity
plan applied to said loan as a whole or to the group of cer-
tificates evidencing a part of said loan issued at a particular
time, as the case may be.

Said loan and every part thereof and the interest payable
thereon shall be and remain exempt from State, county and
municipal taxation.

SEC. 3. And be it further enacted, That the Governor,
Comptroller of the Treasury and the Treasurer of the State,
constituting the Board of Public Works, or a majority of
them, 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 Three Hundred
Fifty Thousand Dollars ($350,000), as evidence of such
loan; such Certificates of Indebtedness shall bear date as of
the time of their issue as provided in Section 1 of this Act.