SPIRO T. AGNEW, Governor                      1371

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
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 is-
sued 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 refund-
ing bonds shall exceed in amount the par amount of such bonds
so described in said resolution. No such refunding bonds shall ac-
tually 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. 8. 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 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 stip-
ulate and require.

Sec. 9. 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 are hereby declared to be at
all times exempt from taxation of every kind and nature whatso-
ever 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. 10. And be it further enacted, That, the authority to borrow
money and issue bonds conferred on the County by this Act shall