J. MILLARD TAWES, GOVERNOR                               939

herein on such powers shall be applicable to the issuance of re-
funding 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 redemption prior to maturity of any outstanding bonds
issued hereunder which are, by their terms, redeemable. The reso-
lution authorizing the issue of any such refunding bonds shall
describe the issue or issues of bonds of the County so to be re-
funded, and no issue of such refunding bonds shall exceed in
amount the par amount of such bonds so described in said reso-
lution. 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. 7. And be it further encated 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 certifi-
cates or temporary bonds, with or without coupons, exchangable
EXCHANGEABLE for definitive bonds when such bonds or obliga-
tions have been executed and are available for delivery, 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, pro-
vide 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 take effect
June 1, 1959.

Approved April 28, 1959.

CHAPTER 622
(House Bill 264)

AN ACT to repeal and re-enact, with amendments, Section 5 of
Article 95A of the Annotated Code of Maryland (1957 Edition and
1958 Supplement), title "Unemployment Insurance Law", sub-

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.