WM. PRESTON LANE, JR., GOVERNOR 325

registered form, provisions for the registration of any
coupon certificate as to principal of loan and for the re-
conversion into coupon certificates of any certificates re-
gistered as to principal.

(c) The denomination or denominations of the certifi-
cates 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 per-
cent (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, Sec-
tion 84 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 por-
tion thereof a/re 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 certificates 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.

3. That the Board of Public Works is hereby authorized
and directed to have prepared proper Certificates of In-
debtedness of the State in good and sufficient form to
aggregate the amount of Two Million Dollars ($2,000,000),
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. Each of said Certificates shall be
signed by the Treasurer of the State and countersigned by
the Comptroller of the Treasury.

SEC. 2. And be it further enacted, That Section 7 of
Chapter 996 of the Acts of 1945 be and the same is hereby
repealed and re-enacted, with amendments, to read as
follows:

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