J. MILLARD TAWES, Governor 69
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 por-
tion thereof shall set forth in detail the dates when any of the cer-
tificates 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 loans 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 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 Twenty Million Dollars f ('$20, 000, 000. 00),
as evidence of such loan; such Certificates of Indebtedness shall bear
the date as of the time of their issue as provided in Section 1 of this
Act. Each of said certificates shall be signed in the manner pre-
scribed by Section 3 of Article VI of the Constitution of Maryland.
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 here-
by directed to advertise once before the said Certificates of Indebted-
ness 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 Certificates 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 Indebted-
ness shall be adjusted with the purchaser thereof under such regula-
lations 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 desig-
nated in said advertisements; 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 certifi-
cates offered for sale, such bonds or Certificates of Indebtedness shall
be awarded to such responsible bidders bidding the same price in a
ratable proportion; or if any insufficient price be bid for them, they
may be subsequently disposed of under the direction of the Board of
Public Works at a private sale upon the best terms they can obtain
for the same; provided they shall not be sold at private sale for less
than par and accrued interest.
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