2308

LAWS OF MARYLAND

Ch. 567

SECTION 7. AND BE IT FURTHER ENACTED, That any and all
obligations issued pursuant to the authority of this Act
shall be deemed to be negotiable instruments and shall have
and possess all the attributes of negotiable instruments

under the laws of the State of Maryland. Any and all

obligations issued pursuant to the authority of this Act,
their transfer, the interest payable thereon and any income
derived therefrom (including any profit made in the sale
from the taxes so levied in any such fiscal year prove
inadequate for such payment, additional taxes shall be
levied in the succeeding fiscal year to make up any such

deficiency. The County may apply to the payment of the

principal of an interest on any bonds issued hereunder any
funds received by it from the State of Maryland, the United
States of America, any agency or instrumentality thereof, or
from any other source. If such funds are granted for the
purpose of assisting the County or the Hospital in financing
the hospital improvements, taxes that might otherwise be
required to be levied under this Act may be reduced or need
not be levied to the extent that any such funds are received
or receivable in any fiscal year.

SECTION 8. AND BE IT FURTHER ENACTED, That the County
may, prior to the preparation of definitive bonds, issue
interim certificates or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
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 in this Act. The

County may, be appropriate resolution of the Board, provide
for the replacement of any bonds issued hereunder which
shall have become mutilated or be lost or destroyed upon
such conditions and after receiving such indemnity as the
County may require.

SECTION 9 7. AND BE IT FURTHER ENACTED, That any
and all obligations issued pursuant to the authority of this
Act shall be deemed to be negotiable instruments and shall
have and possess all the attributes of negotiable
instruments under the laws of the State of Maryland. Any
and all obligations issued pursuant to the authority of this
Act, their transfer, the interest payable thereon and any
income derived therefrom (including any profit made in the
sale thereof) shall be and are hereby declared to be at all
times exempt from State, county, municipal or other taxation
of every kind and nature whatsoever within the State of
Maryland.

SECTION 10 8. AND BE IT FURTHER ENACTED, That the
authority to borrow money and issue bonds conferred on the
County by this Act shall be deemed to provide an additional
and alternative authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred
upon the County by other laws and shall not be regarded as
in derogation of any power now existing; and all Acts of the