WM. PRESTON LANE, JR., GOVERNOR 473

The Board of Public Works shall, and are hereby authorized
and empowered to pass a resolution or resolutions, from time
to time, determining and setting 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 certificate representing the loan or any
part thereof so 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 certificates 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 (f 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 3% 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

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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 certificates evidencing
a part of said loan issued at a particular time, as the case
may be. Said loan and certificates and every part thereof and
the interest payable thereon shall be and remain exempt from
State, County and municipal taxation.

SEC. 2. And be it further enacted, That the Board of Public
Works is 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 Million
Eight Hundred Seventy-two Thousand Seven Hundred Dollars
($3,872,700), 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