J. MILLARD TAWES, Governor                     1691

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 invalidity of the obli-
gations 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 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 ma-
turity 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 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 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, exchangeable for defini-
tive 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 stipu-
late and require.

Sec. 8. And be it further enacted, That any and all obligations
issued pursuant to the authority of this Act, their transfer and the
income therefrom (including any profit made on the sale thereof)
shall at all times be free from taxation by the State of Maryland
or by any of its political subdivisions, or by any town or incorporated
municipality or by any other public agency within the State of
Maryland.

Sec. 9. And be it further enacted, That the authority to borrow
money and issue bonds conferred on the County by this Act shall be
deemed to provide an additional and alternative authority for bor-
rowing money and shall be regarded as supplemental and addi-
tional to powers conferred upon the County by other laws and shall
not be regarded as in derogation of any power now existing; and
all Acts of the General Assembly of Maryland heretofore passed
authorizing the County to borrow money are hereby continued to
the extent that the powers contained in such acts have not heretofore
been exercised, and nothing herein contained shall be construed to