14 LAWS OF MARYLAND [CH. 7

The Board of Public Works shall, and is hereby author-
ized 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 particu-
lar 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 cer-
tificates to be issued at any particular time, which may
te 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.

(c) The date of the certificates issued at any particular
time, and within the limits prescribed by Article III, Sec-
tion 34 of the Constitution of Maryland and the redemp-
tion 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

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