J. MILLARD TAWES, Governor                      397

The Board of Public Works shall, and is hereby authorized and
empowered to, pass a resolution or resolutions, from time to time,
determining and setting forth:

(a)   The proportion of the total loan authorized by this Act
which shall be issued at any particular time.

(b)   The form of the certificate representing the loan or 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
registration 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 be not less than One
Hundred 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 4% per annum, payable
semiannually.

(e)   The date of the certificates issued at any particular time,
and within the limits prescribed by Article III, Section 34 of the
Constitution 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 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 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 in-
terest 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 Four Million Six Hundred
Eighty One Thousand and Five Hundred Dollars ($24,681,500),
TWENTY SEVEN MILLION, SIX HUNDRED -THIRTEEN THOU-
SAND DOLLARS ($27,613,000) TWENTY-SEVEN MILLION,
FIVE HUNDRED NINETY-THREE THOUSAND DOLLARS
($27,593,000), as evidence of such loan; such Certificates of Indebted-
ness 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 counter-
signed 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