J. MILLARD TAWES, Governor 1071
the extent of any such funds received or receivable 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
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 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 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 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 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
preparation of definitive bonds or obligations, issue interim certifi-
cates or temporary 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 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
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
borrowing money and shall be regarded as supplemental and addi-
tional to powers conferred upon the County by other laws and shall
|
![clear space](../../../images/clear.gif) |