Marvin Mandel, Governor                         451

County in public school 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 the limitations on such powers, shall
be applicable to the issuance of refunding bonds. Such 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. 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 re-
deemed and refunded and the proceeds of the sale of any such refund-
ing 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 defini-
tive 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
issued hereunder which shall have become mutilated or be lost or
destroyed upon such conditions and after receiving such idemnity 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, includ-
ing any profit made in the sale or exchange thereof, shall be and are
hereby declared to be at all times exempt from federal, 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 author-
izing 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,