1022                             Laws of Maryland                       [Ch. 622

County in obtaining any such project described in Section 1 hereof,
and to the extent of any such funds received or receivable in any
fiscal year the taxes hereby required to be levied may be reduced
proportionately.

Sec. 5. And be it further enacted, That the County is hereby further
authorized and empowered, at any time and from time to time, to is-
sue its bonds in the manner hereinabove described for the purpose of
refunding, upon purchase or redemption, any bonds issued for the
projects described in Section 1 hereof. The validity of any such re-
funding bonds shall in no way be dependent upon or related to the
validity or invalidity of the obligations 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 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 hereunder, prior to the maturity
thereof, or for the purpose of providing it with funds for the re-
demption prior to maturity of any outstanding bonds issued here-
under which are, by their terms, redeemable. The resolution au-
thorizing 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 par 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. 6. 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 or
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 sub-
ject 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 in-
demnity as the Board of County Commissioners may think it proper
and necessary to stipulate and require.

Sec. 7. 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. 8. And be it further enacted, That this Act shall be deemed
to provide an additional and alternative method for the doing of the
things authorized hereby and shall be regarded as supplemental and