SPIRO T. AGNEW, Governor                      1539

source, if such funds are granted for the purpose of assisting the
County in the construction or development of public facilities, as
denned 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. 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 prep-
aration 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
subject to the restrictions and requirements set forth herein. The
County may, by appropriate resolution, provide for the replace-
ment of any bonds issued hereunder which shall have become mu-
tilated or be destroyed or lost upon such conditions and after receiv-
ing 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 any 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 what-
soever 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 Maryland.