SPIRO T. AGNEW, Governor                         1017

deficiency. The County may apply to the payment of principal and
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 public
school construction, 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. 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 re-
spect 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 refund-
ing 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 in-
demnity 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
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 (IN-