260                                        LAWS OF MARYLAND                                Ch. 181

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. 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 same 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.

SECTION 7. AND BE IT FURTHER ENACTED, That , in the issuance of
any of the bonds authorized hereby, the County may, prior to the preparation of
definitive bonds or obligations, issue interim certificates or temporary bonds, with
or without coupons, exchangeable for definitive 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 destroyed or lost upon such conditions
and after receiving such indemnity as the County may think it proper and
necessary to stipulate and require.

SECTION 9. 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, including any profit made in
the sale or exchange thereof, shall be and is hereby declared to be exempt from
State, county and municipal taxation of every kind and nature whatsoever in the
State of Maryland.

SECTION 10. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved April 26, 1973.

CHAPTER 182
(House Bill 1320)

AN ACT to authorize and empower the County Commissioners of Charles County
to borrow upon the faith and credit of Charles County an amount not exceeding
Five Hundred Thousand Dollars ($500,000.00), and to issue bonds therefor, for
the cost of courthouse repairs, alterations, and/or additions and providing for
the levy of taxes in Charles County for the payment of principal and interest on
such bonds.

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the County Commissioners of Charles County be and they
are hereby authorized and empowered to borrow at one time, or from time to
time, on the faith and credit of Charles County, a sum or sums not exceeding in
the aggregate Five Hundred Thousand Dollars ($500,000.00), and to issue and sell
bonds therefor, the proceeds thereof to be used for the cost of courthouse repairs,
alterations and/or additions in Charles County and to pay all expenses, including
advertising, printing and legal fees, incurred in the issuance and sale of any bonds