748                              Laws of Maryland                       Ch. 346

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. 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 the County may, prior
to the preparation of definitive bonds, issue interim certificates or
temporary bonds, with or without coupons, exchangeable for defin-
itive bonds when such bonds 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 is-
sued hereunder which shall have become mutilated or be lost or
destroyed upon such conditions and after receiving such indemnity
as the County may 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 State, county, municipal or other taxation
of every kind and nature whatsoever within the State of Maryland.

SEC. 9. 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 all
Acts of the General Assembly of Maryland heretofore passed au-
thorizing 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 of
said Acts, and the validity of said bonds is hereby ratified, confirmed
and approved. This Act, being necessary for the welfare of the
inhabitants of Talbot County, shall be liberally construed to effect
the purposes hereof. All Acts and parts of Acts inconsistent with
the provisions of this Act are hereby repealed to the extent of such
inconsistency.

Sec. 10. And be it further enacted, That Chapter 749 of the Laws
of Maryland of 1968 be and it is hereby repealed.

Sec. 11. And be it further enacted, That this Act shall take effect
on the first day of June, 1970.

Approved April 22, 1970