1994                           LAWS OF MARYLAND                      [CH. 861

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 refunding bonds
shall exceed in amount the par amount of such bonds so described
in said resolution. No such refunding bonds shall actually be de-
livered to the purchaser or purchasers thereof more than six (8)
months in advance of redemption date or dates of bonds to be re-
deemed and refunded and the proceeds of the sale of any such refund-
ing 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 preparation
of definitive bonds or obligations, issue interim certificates or tempo-
rary 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 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 this Act shall take effect
June 1, 1963.

Approved May 6, 1963.

CHAPTER 861
(House Bill 918)

AN ACT to add new Section 22-58A to the Anne Arundel County
Code (1957 Edition and 1961 Supplement), being Article 2 of the
Code of Public Local Laws of Maryland, title "Anne Arundel
County," subtitle "Waters and Sewers," authorizing the County
Commissioners of Anne Arundel County to levy on request of the
Sanitary Commission of Anne Arundel County certain ad valorem
taxes for the purpose of meeting Commission operating expenses.