688 LAWS OF MARYLAND. [CH. 277

not be necessary to provide for the redemption of any part of
the principal represented by any certificates for the first two
(2) years from the time of the issuance of said certificates.

The Board of Public Works or a majority of them 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 ($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 send-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 ap-
plied 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.

SEC. 2. And be it further enacted, That the Governor, Comp-
troller of the Treasury and the Treasurer of the State, consti-
tuting the Board of Public Works, or a majority of them, are
hereby authorized and directed to have prepared proper Cer-
tificates of Indebtedness of the State in good and sufficient
form to aggregate the amount of Sixteen Million Three Hun-
dred and Seventy-Three Thousand Dollars ($16, 373, 000), as