Ch. 195 LAWS OF MARYLAND

purpose of providing it with funds to pay any of its outstanding bonds issued under this
Act at maturity, to purchase in the open market any of its outstanding bonds issued
under this Act, prior to their maturity, to redeem prior to maturity any outstanding
bonds which are, by their terms, redeemable, to pay interest on any outstanding bonds
prior to their payment at maturity or purchase or redemption in advance of maturity or
to pay any redemption or purchase premium in connection with the refunding of any of
its outstanding bonds issued under this Act. 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 shall 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unless any law is expressly repealed by this Act, and the validity of any bonds issued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 2. 10. AND BE IT FURTHER ENACTED, That this Act shall take
effect June 1, 1990.

Approved April 24, 1990.

CHAPTER 195
(House Bill 981)

AN ACT concerning

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