Marvin Mandel, Governor                        1807

to make up any such deficiency. The County may apply to the pay-
ment of principal and interest of any bonds issued hereunder 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 assisting
the County in community college 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, 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 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 pur-
pose 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 re-
demption prior to maturity of any outstanding bonds issued here-
under which are, by their terms, redeemable. The resolution au-
thorizing 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 refunding 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 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 in-
terim 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, 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 are hereby declared
to be at all times exempt from taxation of every kind and nature