THEODORE R. MCKELDIN, GOVERNOR 1183
The Board of Public Works shall, and is 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 cer-
tificates 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 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 and 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. 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 Eighteen Million
Six Hundred and Ninety Five Thousand Dollars $18, 695,
000, NINETEEN MILLION FIVE THOUSAND DOLLARS
($19, 005. 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 and countersigned in the manner prescribed
by Section 3 of Article VI of the Maryland Constitution.
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