J. MILLARD TAWES, Governor                      317

(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 four percentum (4%) 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 Con-
stitution of Maryland and 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 Certificates
of Indebtedness of the State in good and sufficient form to aggregate
the amount of Five Hundred Thousand Dollars ($500,000.00) as
evidence of such loan; such certificates of indebtedness shall be dated
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 di-
rected 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
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 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 will receive such
sealed proposals for the purchase of as many of such bonds or certifi-
cates of indebtedness as may be mentioned or designated in said ad-
vertisements; 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-