Section 2. (a) Such loan shall be evidenced by written obligations of the Commonwealth maturing not later than the thirty-first day of May, one thousand nine hundred thirty-nine. Such obligations shall be issued, from time to time, for such total amount (not in excess of one million dollars $1,000,000), in such sums, in such form, and subject to such terms and conditions, rates of interest (not in excess of four and one-half percentum (4½%) per annum), and time of payment of interest as the Governor, the Auditor General, and the State Treasurer shall determine.
(b) All obligations issued under the authority of this act shall bear the signatures of the Governor, the Auditor General, and the State Treasurer, and the Great Seal of the Commonwealth.
(c) All obligations and the interest thereon issued under the authority of this act shall be payable in lawful money of the United States.
(d) All obligations issued under the authority of this act shall be exempt from taxation for State and local purposes.