1210                            LAWS OF MARYLAND                     [CH. 500

The resolution authorizing the issuance of said loan or any portion
thereof will SHALL set forth in detail the dates when any of the cer-
tificates representing said loan or any portion thereof are to be
redeemed and the amount to be redeemed upon such dates, respec-
tively, according to the serial annuity plan applied to said loan as a
whole or to the group of certificates evidencing a part of said loans
issued at a particular time, as the case may be. Said loan and certifi-
cates and every part thereof and the interest payable thereon are and
will SHALL BE AND remain exempt from State, county and munici-
pal 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 Ten Million Dollars ($10,000,000) as
evidence of such loan; such certificates of indebtedness are dated
SHALL BEAR DATE as of the time of their issue as provided in
Section 1 of this act. Each of said certificates is 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, are 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 determines 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 are MAY BE named in said respective adver-
tisements 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 indebtedness is 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 day DATE for opening the bids for the proposals thereby
called for, they will SHALL receive such sealed proposals for the
purchase of as many of such bonds or certificates of indebtedness as
are MAY BE mentioned or designated in said advertisements; and
on the opening of such sealed proposals, as many of said bonds or
certificates of indebtedness as have been so bid for are 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 judgement 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 the highest, then such bonds shall
be awarded by lot to one of such responsible bidders; or if any
insufficient price be bid for them, they may be subsequently dis-
posed of under the direction of the Board of Public Works, at a
private sale upon the best terms they can obtain for the same;
provided they are not SHALL NOT BE sold at private sale for less
than par and accrued interest.