J. MILLARD TAWES, Governor 73

the payment of principal and interest of any bonds issued here-
under any funds received by it 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 pur-
pose of assisting the County in acquiring land for roads, and or
park development, and to the extent of any such funds received
or receiveable in any fiscal year the taxes hereby required to be
levied may be reduced proportionately.

464D (7) 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 dependent upon or related to the validity or in-
validity 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 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 pur-
chase or redemption prices of the bonds to be refunded.

464D (8) And be it further 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 cer-
tificates or temporary bonds, with or without coupons, exchange-
able 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.

464D (9) And be it further enacted, That any and all obliga-
tions 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.