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Ch. 806
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3226
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LAWS OF MARYLAND
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two (2) years from the time of the issuance of said
certificates.
The Board of Public Works is hereby authorized and
empowered to pass a resolution, or resolutions from time
to time, determining and setting forth:
(a) The proportion of the total loan authorized by
this act which is issued at any particular time.
(b) The form of the certificate representing the
loan or any part thereof so authorized to be issued at
any particular time, including any interest coupons to be
attached thereto, and provisions for the issuance of
certificates in registered form, provisions for the
registration of any coupon certificates as to principal
of loan and for the reconversion into coupon certificates
of any certificates registered as to principal.
(c) The denomination or denominations of the
certificates 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
principal and interest thereof.
(d) The rate of interest of the certificates to be
issued at any particular time not exceeding in any case
five percentum (5%) per annum, payable semi-annually.
(e) The date of the certificates issued at any
particular time, and within the limit prescribed by
Article III, Section 34 of the Constitution of Maryland
and redemption dates of said certificates.
The resolution authorizing the issuance of said loan
or any portion thereof will 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 are and will 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 Certificates of Indebtedness of the State
in good and sufficient form to aggregate the amount of
[Five Million Dollars ($5,000,000)] FOUR MILLION FIVE
HUNDRED FIFTY THOUSAND DOLLARS ($4,550,000) FOUR MILLION
EIGHT HUNDRED THIRTY-FIVE THOUSAND DOLLARS ($4,835,000)
as evidence of such loan; such certificates of
indebtedness are dated as of the time of their issue as
provided in Section 1 of this Act. Each of said
certificates is signed and countersigned in the manner
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