1150                           LAWS OF MARYLAND                     [CH. 457

(d)   The rate or rates of interest of the certificates to be issued at
any particular time not exceeding in any case 5½% 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 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, 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
certificates of indebtedness of the State in good and sufficient form
to aggregate the amount of six hundred thousand dollars ($600,000),
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 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
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 or indebtedness and the time of sale
and delivery of and payment 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 date 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 advertisement; and on the opening of such
sealed proposals, as many of said bonds or certificates of indebted-
ness 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 responsible bidders have made bids
resulting in the same net interest cost to the State and such bids are