J. MILLARD TAWES, GOVERNOR                             955

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 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 re-
funding 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 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 re-
funded.

Sec. 7. And be it further enacted, That, in the issuance of any
of the bonds authorized hereby, the County may, prior to the prepa-
ration 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 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 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 the authority to borrow
money and to issue bonds conferred on the County by Chapter 634
of the Acts of the General Assembly of Maryland passed at its
January Session in the year 1957, is hereby continued to the extent
that the same has not heretofore been exercised, and nothing herein
contained shall be construed to impair, in any way whatsoever, the
validity of the bonds which may be issued by the County under the
authority of said Act.

Sec. 10. And be it further enacted, That this Act shall take effect
on the first day of June, 1959.

Approved April 28, 1959.