J. MILLARD TAWES, Governor                      689

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 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
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 borrow-
ing money and shall be regarded as supplemental and additional 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 impair,
in any way whatsoever, the validity of any bonds which may have
been issued by the County under the authority of any of said Acts,
and the validity of said bonds is hereby ratified, confirmed and
approved.