1202 LAWS OF MARYLAND [CH. 414

lars ($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 four percent
(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, 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 One Million Five
Hundred Thousand Dollars ($1, 500, 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.

SEC. 3. And be it further enacted, That in order to provide
for the selling of the Certificates of Indebtedness aforesaid, to
be issued under the provisions of this Act, the Board of Public
Works, is hereby directed to advertise once before the said Cer-
tificates of Indebtedness, or any part thereof, shall be issued, in
two newspapers published in the City of Baltimore and in such
other manner as the Board of Public Works in its discretion
may determine, that the Treasurer of this State will be in readi-
ness at a time within twenty (20) days after the expiration of
said notice to receive bids at such place or places as may be
named in said respective advertisements for bonds or Certifi-
cates of Indebtedness issued under the provisions of this Act,
under such regulations as may be made in the discretion of the
Board of Public Works; and the accrued interest between the
date of the bonds or Certificates of Indebtedness and the time