Marvin Mandel, Governor                         587

($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 IN-
TEREST THEREOF.

(4) The rate and rates of interest of the certificates to be issued
at any particular time, payable semi-annually.

(5) The date of the certificates issued at any particular time
and, within the limits prescribed by Article III, Section 34 of the
Constitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the cer-
tificates representing said loan or any portion thereof are to he re-
deemed and the amount to he redeemed upon such dates, respec-
tively. Said loan and certificates and every part thereof and the
interest payable thereon shall be and remain exempt from State,
County and municipal taxation.

(c)    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 five million
dollars ($5,000,000), as evidence of such loan; such Certificates of
Indebtedness shall bear date as of THE time of their issue as provided
in subsection (b) of this Section. Each of said certificates shall be
signed and countersigned in the manner prescribed by Section 3 of
Article VI of the Maryland Constitution.

(d)    In order to provide for the selling of the Certificates of
Indebtedness aforesaid, to be issued under the provisions of this
Section, the Board of Public Works is hereby directed to adver-

tise once before the said Certificates of Indebtdeness, or any por-

tion thereof, shall be issued, in two newspapers published in the

TISE ONCE BEFORE THE SAID CERTIFICATES OF IN-
DEBTEDNESS 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 dis-
cretion 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 In-
debtedness issued under the provisions of this Section, under such
regulations as may he made in the discretion of the Board of Public
Works; and the accrued interest between the date of the bonds or
Certificates of Indebted/ness and the date of 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 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 Indebted-
ness as may be mentioned or designated in such advertisements SAID
ADVERTISEMENT; and on the opening of such sealed pro-
posals 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 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