338                                        LAWS OF MARYLAND                                Ch. 205

SECTION 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 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.

SECTION 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 definitive 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 indemnity as the County may require.

SECTION 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, including 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.

SECTION 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 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 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.

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