1988                           LAWS OF MARYLAND                      [CH. 858

tions so refunded. The powers herein granted with respect to the
issuance of bonds, and also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds. Said re-
funding bonds may be issued by the County for the purpose of pro-
viding it with funds to purchase in the open market any of its out-
standing bonds issued hereunder, prior to the maturity thereof, or
for the purpose of providing it with funds for the redemption prior
to maturity of any outstanding bonds issued hereunder which are,
by their terms, redeemable. The resolution authorising the issue of
any such refunding bonds shall describe the issue or issues of bonds
of the County so to be refunded, and no issue of such refunding
bonds shall exceed in amount the par amount of such bonds so
described in said resolution. No such refunding bonds shall actually
be delivered to the purchaser or purchasers thereof more than six
(6) months in advance of redemption date or dates of bonds to be
redeemed and refunded and the proceeds of the sale of any such
refunding bonds shall be segregated and set apart by the County as
a separate trust fund to be used solely for the purpose of paying
the purchase or redemption prices of the bonds to be refunded.

Sec. 7. And be it further enacted, That, in the issuance of any of
the bonds authorized hereby, the County may, prior to the prepara-
tion of definitive bonds or obligations, issue interim certificates of
temporary bonds, with or without coupons, exchangeable for defini-
tive bonds when such bonds or obligations have been executed and
are available for delivery, provided, however, that any such interim
certificates or temporary bonds shall be issued in all respects subject
to the restrictions and requirements set forth herein. The County
may, by appropriate resolution, provide for the replacement of any
bonds issued hereunder which shall have become mutilated or be
destroyed or lost upon such conditions and after receiving such
indemnity as the County may think it proper and necessary to stipu-
late and require.

Sec. 8. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, the interest payable
thereon, and the income derived therefrom in the hands of the holders
thereof from time to time, shall be and is hereby declared to be
exempt from State, county and municipal taxation of every kind and
nature whatsoever in the State of Maryland.

Sec. 9. And be it further enacted, That this Act shall take effect
June 1, 1963.

Approved May 6, 1963.

CHAPTER 858
(House Bill 191)

AN ACT to repeal and re-enact, with amendments, Section 2-48 of
the Code of Public Local Laws of Anne Arundel County (1957 Edi-
tion, being Article 2 of the Code of Public Local Laws of Maryland),
title "Anne Arundel County," subtitle "Chapter 2. Administration,"
subheading "Article VI. Recreation Commission," and to add new