Marvin Mandel, Governor                         645

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 in-
demnity 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
interest 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 whatsoever
by the State of Maryland or by any of its political subdivisions, or
by any town or incorporated municipality or by any other public
agency 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
authorizing 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 Charles 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the provisions of this Act are hereby repealed to the extent of such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 THE AU-
THORIZATION IN THIS ACT TO BORROW FUNDS FOR THE
PURPOSES OF THIS ACT SHALL BE REDUCED FROM TIME
TO TIME BY THE AMOUNT OF ANY GRANTS OR AID FROM
THE STATE OF MARYLAND OR ANY OF ITS AGENCIES TO
PROVIDE THE FINANCING FOR ANY PROJECT OR ITEMS IN
CHARLES COUNTY WHICH COULD OR WOULD BE INCLUDED
IN THE PURPOSES OF THIS ACT. IT IS THE LEGISLATIVE
INTENT TO DEDUCT FROM THE AUTHORIZATION TO BOR-
ROW, AS PROVIDED IN THIS ACT, ANY AMOUNT OR
AMOUNTS PROVIDED FOR THE PURPOSES OF THIS ACT BY
A GRANT OR AID FROM THE STATE OF MARYLAND OR ANY
OF ITS AGENCIES. THE BOARD OF COUNTY COMMIS-
SIONERS OF CHARLES COUNTY, FROM THE PROCEEDS OF
ANY MONIES BORROWED UNDER THIS ACT, MAY EXPEND
FUNDS AS AUTHORIZED HEREIN FOR ANY PROJECT OR
PROJECTS BY A GRANT OR AID FROM THE STATE OF MARY-
LAND OR ANY OF ITS AGENCIES; AND THE BOARD OF
COUNTY COMMISSIONERS OF CHARLES COUNTY MAY EX-
PEND FUNDS AS AUTHORIZED HEREIN FOR THE PARTIAL
COST OF ANY PROJECT OR PROJECTS FINANCED ONLY IN