accordingly.

MARVIN MANDEL, Governor                            2203

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 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. 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 in this Act. 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 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 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