J. MILLARD TAWES, Governor                        65

(d)  The rate of interest of the certificates to be issued at any par-
ticular 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 Con-
stitution 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, 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 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 Fifteen Million Dollars ($15,000,000) 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 ex-
piration 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 men-
tioned 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 certificates of indebt-
edness as are mentioned or designated 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 are 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 make the same bid, and such bid is the highest and the cer-
tificates so bid for by the highest responsible bidder are in excess of
the whole amount of the certificates offered for sale, such bonds or
certificates of indebtedness are awarded to such responsible bidders