64 LAWS OF MARYLAND [CH. 21

from, the State of Maryland, the United States of America, any
agency or instrumentality thereof, or from any other source, if such
funds are granted for the purpose of assisting the County in library
construction, and to the extent of any such funds received or re-
ceivable 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 au-
thorized and empowered, at any time and from time to time to issue
its bonds in the manner hereinabove described for the purpose of re-
funding, upon purchase or redemption, any bonds issued hereunder.
The validity of any such refunding bonds shall in no way be de-
pendent 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 ap-
plicable 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 redemption prior to maturity of any
outstanding bonds issued hereunder which are, by their terms, re-
deemable. 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 re-
demption date or dates of bonds to be redeemed and refunded and
the proceeds of the sale of any such refunding bonds shall be segre-
gated 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 prepara-
tion of definitive bonds or obligations, issue interim certificates or
temporary bonds, with or without coupons, exchangable for defini-
tive bonds when such bonds or obligations have been executed and
are available for delivery, provided, however, that any such interim
certified 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 in-
demnity 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 Chapter 896 of the Acts of
the General Assembly of 1961 be and it is hereby repealed.