1540 LAWS OF MARYLAND. [CH. 643

livered 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 preparation of definitive bonds or obligations, issue
interim certificates or temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds
or obligations have been executed and are available for de-
livery, 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 muti-
lated or be destroyed or lost upon such conditions and after
receiving such indemnity as the County may think it proper
and necessary to stipulate and require.

SEC. 8. And be it further enacted, That any and all obliga-
tions 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 muni-
cipal taxation of every kind and nature whatsoever in the
State of Maryland.

SEC. 9. And be it further enacted, That, as above provided,
the powers conferred by this Act to incur indebtedness for
the construction of public schools shall be subject to approval
by the qualified voters of Baltimore County at one or more
referenda called and held for said purpose. The County may
submit for approval at a single referendum the entire borrow-
ing authority conferred hereby, or it may submit, in its discre-
tion, a portion of such authority at one referendum and
another portion thereof at a subsequent referendum. In no
event shall said County borrow any money or issue any bonds
pursuant to the authority of this Act in an amount or amounts
greater than have been approved by majority votes of the
qualified voters voting at one or more referenda held in the
manner herein prescribed, but in no event shall said County
postpone the holding of the first such referendum beyond the
general election to be held in the month of November, 1950.

Any such referendum may, however, be held at any special
election called by the Board of County Commissioners and