SPIRO T. AGNEW, Governor                      1297

(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 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 certifi-
cates representing said loan or any portion thereof are to be re-
deemed 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 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. 3. 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
not to exceed in the aggregate amount of Three Million Dollars
($3,000,000.), as evidence of such loan; such Certificates of In-
debtedness shall bear date as of the time of their issue as provided
in Section 2 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. 4. 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 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 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 provi-
sions 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 Certif-
icates 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 ad-
vertisement 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 open-
ing of such sealed proposals, as many of said bonds or Certificates of
Indebtedness as have been so bid for shall be awarded by the Board
of Public Works, to the highest responsible bidder or bidders there-
for for cash, if the prices bid are adequate, in the judgment of the
Board of Public Works, and when two or more bidders have made

the same bid, and such bid is the highest and the Certificate 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 shall be awarded to such responsible bidders bid-
ding the same price in a ratable proportion; RESPONSIBLE BID-
DERS HAVE MADE BIDS RESULTING IN THE SAME NET