SPIRO T. AGNEW, Governor                       235

(e) The date of the certificates issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Consti-
tution 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 Four Hundred Thousand Dollars
($400,000.00), as evidence of such loan; such Certificates of Indebted-
ness 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 counter-
signed 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 Certificates of Indebted-
ness, or any part thereof, shall be issued, in two newspapers pub-
lished 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 Indebt-
edness 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 desig-
nated in said advertisements; and on the opening of such sealed pro-
posals, 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 therefor 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 Certificates so bid for by the highest
responsible bidder are in excess of the whole amount of the Certifi-
cates of Indebtedness shall be awarded to such responsible bidders
bidding the same price in a ratable proportion RESPONSIBLE
BIDDERS HAVE MADE BIDS RESULTING IN THE SAME NET
INTEREST COST TO THE STATE AND SUCH BIDS ARE THE