1056                            LAWS OF MARYLAND                      [CH. 601

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 re-
funding 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.

38-8.

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 temporary bonds, with or without
coupons, exchangeable for definitive bonds when such bonds or
obligations have been executed and are available for delivery, pro-
vided, 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 here-
under 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.

38-9.

Any and all obligations issued pursuant to the authority of this
subtitle, the interest payable thereon, and the income derived there-
from 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. 2. 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 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 con-
tinued to the extent that the powers contained in such Acts have
not heretofore been exercised, cancelled, rescinded or repealed,
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,
including Chapter 25 of the Laws of Maryland of 1962 (March 9,
1962, Special Session), and the validity of said bonds is hereby
ratified, confirmed and approved. This Act, being necessary for