SPIRO T. AGNEW, Governor                       603

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 re-
demption date or dates of bonds to be redeemed and refunded and
the proceeds of the sale of any such refunding bonds shall be seg-
regated 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 prep-
aration 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, 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, the
interest payable thereon, and the income derived therefrom in the
hands of the holders thereof from time to time (including any
profit made in the sale thereof) shall be and is hereby declared
to be at all times exempt from taxation of every kind and nature
whatsoever 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
not be regarded as in derogation of any power now existing; and all
Acts of the General Assembly of Maryland heretofore passed au-
thorizing 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. This Act, being necessary for the welfare of the
inhabitants of Worcester County, shall be liberally construed to
effect the purposes hereof. All Acts and parts of Acts inconsistent
with the provisions of this Act are hereby repealed to the extent
of such inconsistency.

Sec. 10. And be it further enacted, That this Act shall take effect
on the first day of June, 1967.

Approved April 14, 1967.