WILLIAM DONALD SCHAEFER, Governor Ch. 370

SECTION 6. AND BE IT FURTHER ENACTED, That the County is hereby
further authorized and empowered, at any time and from time to time, to issue its bonds
in the manner hereinabove described for the purpose of refunding, upon purchase or
redemption, any bonds issued under this Act. The validity of any refunding bonds are in
no way dependent upon or related to the validity or invalidity of the obligations being
refunded. The powers granted under this Act with respect to the issuance of bonds shall
be applicable to the issuance of refunding bonds. Such refunding bonds may be issued
by the County for the purpose of providing it with funds to purchase in the open market
any of its outstanding bonds issued under this Act, prior to their maturity, or for the
purpose of providing it with funds for the redemption prior to maturity of any
outstanding bonds which are, by their terms, redeemable. The proceeds of the sale of
any 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.

SECTION 7. AND BE IT FURTHER ENACTED, That the County may, prior to
the preparation of definitive bonds, issue interim certificates or temporary bonds,
exchangeable for definitive bonds when such bonds have been executed and are
available for delivery. The County may, by appropriate resolution, provide for the
replacement of any bonds issued under this Act which may have become mutilated or
lost or destroyed upon whatever conditions and after receiving whatever indemnity as
the County may require.

SECTION 8. AND BE IT FURTHER ENACTED, That any and all obligations
issued under this Act, their transfer, the interest payable on them, and any income
derived from them from time to time (including any profit made in their sale) 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 9. 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
additional, alternative and supplemental authority for borrowing money and shall be
regarded as supplemental and additional to powers conferred upon the County by other
laws and may not be regarded as in derogation of any power now existing; and all
previously enacted laws authorizing the County to borrow money are hereby continued
to the extent that the power contained in them is continuing or has not been exercised,
unless any law is expressly repealed by this Act, and the validity of any bonds issued
under previously enacted laws is hereby ratified, confirmed and approved. This Act,
being necessary for the welfare of the inhabitants of the County, shall be liberally
construed to effect its purposes. All Acts and parts of Acts inconsistent with the
provisions of this Act are hereby repealed to the extent of any inconsistency.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.

Approved May 2, 1990.

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