MARVIN MANDEL, Governor                      1049

(c)   The denomination or denominations of the certificates to be
issued at any particular time, which may not be less than One Hun-
dred 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 five per cent (5%)
per annum, PAYABLE semiannually.

(e)   The date of the certificates issued at any particular time, and
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 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 Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Six Million Five Hundred Thousand Dollars
($6,500,000), TWO MILLION DOLLARS ($2,000,000), as evidence
of such loans; 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 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 Indebt-
edness shall be adjusted with the purchaser thereof under such regu-