220 LAWS OF MARYLAND [CH. 66

of the principal represented by any certificates for the first two (2)
years from the time of the issuance of said certificates.

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 info 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 be not 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 4% per annum, payable
semi-annually.

(e) The date of the certificates issued at any particular time, and
within the limit prescribed by Article III, Section 34 of the Consti-
tution 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, accord-
ing 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 seven hundred and fifty thousand dollars
($750, 000), as evidence of such loan; such certificates of indebted-
ness 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 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