78                                LAWS OF MARYLAND                        [CH. 39

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 regis-
tration 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 certificates to be
issued at any particular time, which may not be less than One Hun-
dred 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 [three percent (3%)]

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THREE AND ONE-HALF PERCENT (3 1/2%)
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 Con-
stitution of Maryland and redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any por-
tion 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, respec-
tively, 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 taxa-
tion.

Sec. 7 6. And be it further enacted, That this Act shall be pro-
spective in operation, and shall only apply to the rate of interest of
certificates of indebtedness to be issued on or after the effective
date of this Act, and shall in no way affect the rate of interest of
certificates of indebtedness issued prior to the effective date hereof.

SEC. 8 7. And be it further enacted, That this Act is hereby de-
clared to be an emergency measure and necessary for the immediate
preservation of the public health and safety and having been passed
by a yea and nay vote, supported by three-fifths of all the members
elected to each of the two Houses of the General Assembly of Mary-
land, the same shall take effect from the date of its passage.

Approved March 13, 1958.