624                             LAWS OF MARYLAND                       CH. 435

fifteen (15) years from the time of its issue; provided, however, that
it shall not be necessary to provide for the redemption of any part
of the principal represented by any certificates for the first two (2)
years from the time of the issuance of said certificates.

The Board of Public Works shall, and is hereby authorized and
empowered to, pass a resolution or resolutions, from time to time,
determining and setting forth:

(a)     The proportion of the total loan authorized by this Act
which shall be issued at any particular time;

(b)     The form of the certificate representing the loan or part
thereof so authorized to be issued at any particular time, including
any interest coupons to be attached thereto, and provisions for the
issuance of certificates in registered form, provisions for the regis-
tration of any coupon certificates as to principal of loan and for the
reconversion into coupon certificates of any certificates registered
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 or rates of interest of the certificates to be issued
at any particular time not exceeding in any case 5% per annum,
payable semiannually; and

(e)     The date of the certificates issued at any particular time,
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 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 Fifty one Million Ninety eight Thousand
One Hundred Dollars ($51,098,100) FIFTY-SEVEN MILLION,
SEVEN HUNDRED SEVENTY-NINE THOUSAND AND SIX
HUNDRED DOLLARS ($57,779,600), 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 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 Indebtedness