1198 LAWS OF MARYLAND [CH. 413

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 Hun-
dred 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 three percent
(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 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 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 Two Million Five

Hundred Thousand Dollars ($3, 500, 000), ONE MILLION
DOLLARS ($1, 000, 000), as evidence of such loan; such Cer-
tificates 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