392                             LAWS OF MARYLAND                      [CH. 221

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 refund-
ing 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 pur-
pose 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 tem-
porary 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 certif-
icates 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 is-
sued pursuant to the authority of this Act, the interest payable there-
on, 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 March 29, 1963.

CHAPTER 221
(House Bill 519)

AN ACT to authorize and empower the County Commissioners of
Cecil County to borrow, upon the faith and credit of the County
during specified periods, a sum or sums of money not to exceed
in the aggregate the sum of One Million Five Hundred Thousand
Dollars ($1,500,000), and to evidence such borrowing by the issu-
ance and sale of the general obligation bonds of the County in such
form and bearing such rate or rates of interest as said County
Commissioners may by resolution determine, provided the average
interest cost of each issue of such bonds shall not exceed five per
centum (5%) per annum; to provide that the proceeds of the
sale of any such bonds shall be used exclusively for the purposes
of erecting a new county office building, including land for such
building and for facilities appurtenant thereto, the payment of
architects' and other professional fees in connection therewith,
and the alteration or repair of existing jail facilities, all in Cecil