J. MILLARD TAWES, GOVERNOR                          1205

building construction, 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. 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 hereunder.
The validity of any such refunding bonds shall in no way be depen-
dent upon or related to the validity or invalidity of the obligations so
refunded. The powers herein granted with resect RESPECT to
the issuance of bonds, and also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds. Said refund-
ing 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 redemption prior to
maturity of any outstanding bonds issued hereunder which are, by
their terms, redeemable. The resolution authorizing 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 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
redemed and refunded and the proceeds of the sale of any any such
refunding bonds shall be segregated and set part 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 prep-
aration 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 delivery, provided, however, that any such in-
terim 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 mutilated
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 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. 9. And be it further enacted, That this Act shall not repeal

Chapter 622 of the Acts of the General Assembly of Maryland of
1957 but is in addition thereto.

SEC. 9. AND BE IT FURTHER ENACTED, THAT THE AU-
THORITY TO BORROW MONEY AND TO ISSUE BONDS CON-