1844                             Laws of Maryland                      [Ch. 733

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-
cluding 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
additional 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 hereto-
fore 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, con-
firmed and approved. This Act, being necessary for the welfare of
the inhabitants of the 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the provisions of this Act are hereby repealed to the extent of such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 this Act shall take effect
June 1, 1972.

Approved May 31, 1972.

CHAPTER 733
(House Bill 1488)

AN ACT to authorize and empower the County Commissioners of
Cecil County to borrow, upon the faith and credit of the County
an amount not to exceed One Million Five Hundred Thousand
Dollars ($1,500,000.00) and to evidence such borrowing by the is-
suance and sale after July 1, 1972 of general obligation bonds of
the County in such form and bearing such rate or rates of interest
as said County Commissioners may by resolution determine; to
provide generally for the time of issuance and the amount of such
issues; to provide that all proceeds of the sale of any such bonds
shall be used exclusively for the purpose of building, expansion
and capital improvement of and to the Union Hospital, situ-
ated in Elkton, Cecil County, Maryland, for equipment used in
connection therewith, and for the payment of architects' and other
professional fees in connection therewith; to authorize and direct
the County Commissioners of Cecil County to provide for the pay-
ment of the maturing principal of and the interest on any bonds
issued hereunder by the annual levy, until all of said bonds and
the interest thereon, shall have been paid or provisions made for