J. MILLARD TAWES, GOVERNOR                            567

(4) The rate of interest of the Certificates to be issued at any par-
ticular time not exceeding in any case 4% per annum, payable semi-
annually.

(5) The date of the certificates issued at any particular time, and
within the limits prescribed in 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 certifi-
cates representing said loan or any portion thereof are to be redeemed
and the amount to be redeemed upon such dates, respectively, ac-
cording 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 re-
main exempt from State, County and municipal taxation.

(c)  The Board of Public Works is hereby authorized and directed
to have prepared proper bonds or Certificates of Indebtedness of the
State in good and sufficient form to aggregate the amount of Ten
Million Dollars ($10,000,000), as evidence of such loan; such bonds
or Certificates of Indebtedness shall bear date as of the time of their
issue as provided in Sub-section (b) of this Section. Each of said
bonds or certificates shall be signed in the manner prescribed by Sec-
tion 3 of Article VI of the Constitution of Maryland.

(d)  In order to provide for the selling of the bonds or Certificates
of Indebtedness aforesaid, to be issued under the provisions of this
section, the Board of Public Works is hereby directed to advertise
once before the said bonds or 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 Treasurer of this State will
be in readiness at a time within twenty (20) days after the expira-
tion of said notice to receive sealed bids at such place or places as may
be named in said advertisements for Bonds or Certificates of In-
debtedness issued under the provisions of this section, 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 and at the time mentioned in said advertisement as the time
for the receipt of bids for the said bonds or Certificates of Indebted-
ness they shall receive such sealed bids for the purchase of as many
of such Bonds or Certificates of Indebtedness as may be mentioned
or designated in said advertisements; and on the opening of such
sealed bids, as many of said Bonds or Certificates of Indebtedness as
had 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 bidders 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