J. MILLARD TAWES, Governor                     839

(c)     The denomination or denominations of the certificates to
be issued at any particular time, which may not be 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 AND RATES 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,
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any por-
tion 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, respec-
tively, 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 particular 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 taxa-
tion.

Sec. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed to have prepared proper Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Thirty Five Million Seven Hundred Seventy
Nine Thousand and One Hundred Dollars ($35,779,100) THIRTY-
NINE MILLION FOUR HUNDRED EIGHTY-SIX THOUSAND
AND SEVEN HUNDRED DOLLARS ($39,486,700), 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 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 Indebted-
ness 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 payment for said bonds or Certificates of Indebted-
ness shall be adjusted with the purchaser thereof under such regula-
tions as may be made in the discretion of the Board of Public
Works; and upon the day mentioned in said advertisement as the
date for opening the bids for the proposals thereby called for, they
shall receive such sealed proposals for the purchase of as many of