Marvin Mandel, Governor                         345

interest coupons to be attached thereto, and provisions for the
issuance of bonds in coupon form and for the registration of coupon
bonds as to principal only.

(c)  The denomination or denominations of the bonds 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 principle PRINCIPAL and interest thereon.

(d)   The rate or rates of interest on the bonds to be issued at
any time, payable semi-annually.

(e)  The date of the bonds issued at any particular time, and
within the limits prescribed by Article III, Section 34 of the Con-
stitution of Maryland, the payment dates of said bonds.

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the
bonds representing said loan or any portion thereof are to be paid
and the amount to be paid upon such dates, respectively. The bonds
issued pursuant to this Act, their transfer, the interest payable
thereon, and any income derived therefrom, including any profit
realized in the sale or exchange thereof, shall at all times be exempt
from taxation of every kind and nature whatsoever within this
State by the State of Maryland or by any of its political subdivi-
sions, municipal corporations, or public agencies of any kind.

Sec. 2. And be it further enacted, That the Board of Public
Works is hereby authorized and empowered to have prepared proper
bonds of the State in good and sufficient form to aggregate the
amount of Two Million Dollars ($2,000,000) as evidence of such
loan; such bonds shall bear date as of the time of their issue as
provided in Section 1 of this Act. Each of said bonds 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 sale of said bonds, the Board of Public Works is hereby directed
to advertise once before the said bonds 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 readi-
ness 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 issued under the provisions
of this Act, under such regulations as may be made in the discre-
tion of the Board of Public Works; and the accrued interest be-
tween the date of the bonds and the date of delivery of and the
payment for said bonds 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 adver-
tisement as the date for opening the bids, they shall receive such
sealed proposals for the purchase of as many of such bonds as
may be mentioned or designated in said advertisement; and on the
opening of such sealed proposals, as many of said bonds as have
been so bid for shall be awarded by the Board of Public Works
to the responsible bidder or bidders therefor for cash offering the
lowest net interest cost to the State, and if two or more respon-