56 LAWS OF MARYLAND [CH. 17

(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. 00) but may be in sums of One Hundred Dollars
($100. 00) 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 limits 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 certifi-
cates 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 One Million, Sixty-Five Thousand Dol-
lars ($1, 065, 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 adver-
tisements; 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 re-