1498                           LAWS OF MARYLAND                       CH. 733

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 assist-
ing 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, in the issuance of any
of the bonds authorized hereby, the County may, prior to the pre-
paration of definitive bonds or obligations, issue interim certificates
or temporary bonds, with or without coupons, exchangeable for de-
finitive 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 sub-
ject 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. 7. And be it further enacted, That any and all obliga-

tions issued pursuant to the authority of this Act, the interest pay-

able thereon, and the income derived therefrom 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. THAT, ANY
AND ALL OBLIGATIONS ISSUED PURSUANT TO THE AU-
THORITY OF THIS ACT, THEIR TRANSFER, THE INTEREST
PAYABLE THEREON, AND ANY INCOME DERIVED THERE-
FROM IN THE HANDS OF THE HOLDERS THEREOF FROM
TIME TO TIME (INCLUDING ANY PROFIT MADE IN THE
SALE OR EXCHANGE THEREOF) SHALL BE AND ARE HERE-
BY DECLARED TO BE AT ALL TIMES EXEMPT FROM TAXA-
TION OF EVERY KIND AND NATURE WHATSOVER BY THE
STATE OF MARYLAND OR BY ANY OF ITS POLITICAL SUB-
DIVISIONS OR MUNICIPAL CORPORATIONS OR BY ANY
OTHER PUBLIC AGENCY WITHIN THE STATE OF MARY-
LAND.

SEC. 8. AND BE IT FURTHER ENACTED, THAT, THE AU-
THORITY TO BORROW MONEY AND ISSUE BONDS CON-
FERRED ON THE COUNTY BY THIS ACT SHALL BE DEEMED
TO PROVIDE AN ADDITIONAL AND ALTERNATIVE AU-
THORITY FOR BORROWING 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 GEN-
ERAL 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