1406                                        LAWS OF MARYLAND                            [Ch. 4

and the amount to be redeemed upon such dates,
respectively. 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)    Preparation, form, etc. of certificates of
State indebtedness.— 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 § 3 of Article VI of the Maryland
Constitution.

(d)   Advertising for bids on certificates; award
requirements and procedure.—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 advertise once before the said certificates of
indebtedness 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 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 indebtedness issued under the
provisions of this section, 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 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 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 indebtedness as may be mentioned or
designated in said advertisement; 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