SPIRO T. AGNEW, Governor                      1485

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 prepa-
ration 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 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 bor-
rowing 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.

Sec. 10. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968

CHAPTER 731
(House Bill 882)

AN ACT to add new Section 263B to Article 66C of the Annotated
Code of Maryland (1967 Replacement Volume and 1967 Supple-