402                             LAWS OF MARYLAND                      [CH. 186

(c)    The denomination or denominations of the certificates to be
issued at any particular time, which may be not less than One Hun-
dred Dollars ($100.00) but may be in sums of One Hundred Dollars
($100.00) or any suitable multiple thereof, and the place or places
of payment of principal and interest thereof.

(d)    The rate AND RATES of interest of the certificates to be
issued at any particular time not exceeding in any case 4% per annum,
payable semi-annually.

(e)    The date of the certificates issued at any particular time, and
within the limits prescribed by Article II, Section 34 of the Con-
stitution 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 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 Cer-
tificates of Indebtedness of the State in good and sufficient form to
aggregate the amount of One hundred seventy-five THIRTY Thousand
Dollars ($175,000.00) ($130,000.00) as evidence of such loan; such
Certificates of Indebtedness 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 countersigned in the manner prescribed by Sec-
tion 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, 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 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 Indebted-
ness shall be adjusted with the purchaser thereof under such regu-
lations 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
shall receive such sealed proposals 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 proposals, as many of said bonds or Certificates of Indebted-
ness as have been so bid for shall be awarded by the Board of Public
Works, to the highest responsible bidder or bidders therefor for cash,