J. MILLARD TAWES, Governor                     1481

interest of any bonds issued hereunder 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 purpose of assisting the County in the
construction of public facilities, as defined herein, and to 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. 7. And be it further enacted, That the County is hereby
authorized and empowered, at any time and from time to time to
issue its bonds in the manner hereinabove described for the pur-
pose 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 re-
funding 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 re-
funded.

Sec. 8. 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 definite 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 in-
demnity as the County may think it proper and necessary to stipu-
late and require.

Sec. 9. 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.