1416                           LAWS OF MARYLAND                     [CH. 607

however, that it is not SHALL NOT BE necessary to provide for the
redemption of any part of the principal represented by any certifi-
cates 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
is SHALL BE issued at any particular time.

(b)   The form of the certificate representing the loan or any 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 five per centum
(5%) per annum, payable semi-annually.

(e)   The date of the certificates issued at any particular time, and
within the limit prescribed by Article III, Section 34 of the Consti-
tution of Maryland and redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any portion
thereof will 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, 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 loan
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
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 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 provi