J. MILLARD TAWES, Governor                     953

istration of any coupon certificates as to principal of loan and for
the reconversion into coupon certificates of any certificates reg-
istered as to principal.

(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 five percent
(5%) 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
Constitution of Maryland and 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, accord-
ing 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 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 Eight Million Seven Hundred
Ninety Five Thousand Dollars ($8,795,000) 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 Section 3 of Article VI of the Maryland Constitution.

Sec. 3. And be it further enacted, That the Board of Public
the selling of the Certificates of Indebtedness aforesaid, to be issued
under the provisions of this Act, the Board of Public Works is here-
by directed to advertise once before the said Certificates of In-
debtedness, 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 discre-
tion 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 purchase of as many
of such bonds or Certificates of Indebtedness as may be mentioned