MARVIN MANDEL, Governor                        873

MARYLAND, THE REDEMPTION DATES OF SAID CERTIFI-
CATES.

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, ac-
cording 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 Certif-
icates of Indebtedness of the State in good and sufficient form to
aggregate the amount of One Hundred Seven Million Five Hundred
thousand Dollars ($107,500,000) SIXTY MILLION DOLLARS
($60,000,000) as evidence of such loan; such Certificates of Indebted-
ness 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 news-
papers 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 ad-
vertisements 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 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 day 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 advertisements; and on
the opening of such sealed proposals, as many of said bonds or
Certificates of Indebtedness 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 adequat