814                              LAWS OF MARYLAND                      [CH. 497

(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) but may be in sums of One Hundred Dollars
($100) or any suitable multiple thereof, and the place or places of pay-
ment 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 III, Section 34 of the Constitu-
tion 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 partic-
ular 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 Two Million Five Hundred and Fifteen Thou-
sand Dollars ($2,515,000.00) ONE MILLION EIGHT HUNDRED
THOUSAND ($1,800,000.00), as evidence of such loan; such Certifi-
cates 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 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 Certificate 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 Indebt-
edness 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 shall receive such sealed proposals for the pur-
chase 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