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Ch. 650
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LAWS OF MARYLAND
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2072
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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) 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
[four million dollars ($4,000,000)] $4,000,000, 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 Constitution of Maryland.
(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
advertise once before the said certificates of indebtedness or
any part thereof, shall be issued, in [two] 2 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 the State will be in readiness at a time within
[twenty (20)] 20 days after the expiration of said notice to
receive sealed bids at such place or places as may be named in
said respective advertisements for certificates of indebtedness
issued under the provisions of the 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
certificates of indebtedness and the time of sale and delivery of
and payments for said 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 receipt of bids for the said certificates of
indebtedness, they shall receive such sealed bids for the
purchase of as many of such certificates of indebtedness as may
be mentioned or designated in said advertisements; and on the
opening of such sealed bids, as many of said 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] 2 or more
responsible bidders have made bids resulting in the same net
interest cost to the State and such bids are the highest then
such bonds shall be awarded by lot to one of such responsible
bidders; or if any insufficient price be bid for them, they may
be subsequently disposed of under the direction of the Board of
Public Works at a private sale upon the best terms they can
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