1802                             Laws of Maryland                       Ch. 640

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 re-
funding 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 re-
funded.

Sec. 8. 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 sub-
ject 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 muti-
lated or be destroyed or lost upon such conditions and after re-
ceiving such indemnity as the County may think it proper and
necessary to stipulate 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 in-
terest 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 is 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 pub-
lic 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
be deemed to provide an additional and alternative authority for
borrowing money and shall be regarded as supplemental and addi-
tional to powers conferred upon the County by other laws and shall
not be regarded as in derogation of any power now existing; and