J. MILLARD TAWES, GOVERNOR                            503

(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 five percentum (5%) 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 and redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof will 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 are and will
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 Five Million Dollars ($5,000,000) as
evidence of such loan; such certificates of indebtedness are dated as
of the time of their issue as provided in Section 1 of this act. Each
of said certificates is signed and countersigned in the manner pre-
scribed 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, are issued, in two newspapers published in the
City of Baltimore and in such other manner as the Board of Public
Works in its discretion determines, 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
are 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 indebtedness is 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