Marvin Mandel, Governor                       1827

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 public school or
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 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 respect to
the issuance of bonds, and also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds. Said refund-
ing 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 matur-
ity 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 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 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 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 de-
stroyed or lost upon such conditions and after receiving such in-
demnity as the County may think it proper and necessary to stipu-
late 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 what-
soever by the State of Maryland or by any of its political subdivi-
sions, or by any town or incorporated municipality or by any other
public agency within the State of Maryland.