J. MILLARD TAWES, Governor 415
ticular 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 limits prescribed by Article III, Section 34 of the Con-
stitution 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 par-
ticular 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 Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of One Million Dollars ($1,000,000), FIVE
HUNDRED THOUSAND DOLLARS ($500,000.00), 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 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 Pub-
lic Works in its discretion may determine, that the Treasurer of this
State will be in readiness at a time within twenty (20) days after
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 of sale and delivery of
and payments for said bonds or Certificates of Indebtedness shall be
adjusted with the purchaser thereof under such regulations as may be
made in the discretion of the Board of Public Works; and upon the
day mentioned in said advertisement as the day for opening the bids
for the proposals thereby called for, they shall receive such sealed
proposals for the purchase of as many of such bonds or Certificates
of Indebtedness as may be mentioned or designated in said advertise-
ments; and on the opening of such sealed proposals, as many of said
bonds or Certificates of Indebtedness as have been so bid for shall be
awarded by the Board of Public Works, to the highest responsible
bidder or bidders therefor for cash, if the prices bid are adequate, in
the judgment of the Board of Public Works, and when two or more
bidders have made the same bid, and such bid is the highest and the
Certificates so bid for by the highest responsible bidder are in excess
of the whole amount of the Certificates offered for sale, such bonds
or Certificates of Indebtedness shall be awarded to such responsible
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