THEODORE R. MCKELDIN, GOVERNOR 203

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, Sec-
tion 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 an-
nuity 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 certifi-
cates and every part thereof and the interest payable there-
on shall be and remain exempt from State, County and
municipal taxation.

SEC. 3. 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
Three Million Dollars ($3,000,000) TWO MILLION DOL-
LARS ($2,000,000), as evidence of such loan; such Cer-
tificates of Indebtedness shall bear date as of the time of
their issue as provided in Section 2 of this Act. Each of
said certificates shall be signed and counter-signed in the
manner prescribed by Section 3 of Article VI of the Mary-
land Constitution.

SEC. 4. And be it further enacted, That in order to pro-
vide for the selling of the Certificates of Indebtedness afore-
said, to be issued under the provisions of this Act, the
Board of Public Works is hereby directed to advertise once
before the said Certificates 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 readiness 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 Cer-