1624

LAWS OF MARYLAND

Ch. 608

nay be in sums of one hundred dollars ($100.00) or any
suitable multiple thereof, and the place or places of
payment of principal and interest thereof.

(4)   The rate or rates of interest of the
certificates to be issued at any particular time not
exceeding in any case 4 1/2% per annum, payable
semiannually.

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

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, 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 certificates and every part thereof
and the interest payable thereon shall be and remain
exempt from State, county and municipal taxation.

(c)    Preparation of bonds or certificates; date and
signature. —The Board of Public Works is hereby
authorized and directed to have prepared proper bonds or
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
bonds or certificates of indebtedness shall bear date as
of the time of their issue as provided in subsection (b)
of this section. Each of said bonds or certificates
shall be signed in the manner prescribed by § 3 of
Article VI of the Constitution of Maryland.

(d)    Advertising sale of bonds or certificates.
—In order to provide for the selling of the bonds or
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 bonds or 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 sealed bids at such place or
places as may be named in said 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 time of sale and
delivery of and payments 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
and at the time mentioned in said advertisement as the
time for the receipt of bids for the said bonds or
certificates of indebtedness they shall receive such