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3480
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Ch. 917
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LAWS OF MARYLAND
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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 also the limitations herein on such powers
shall be applicable to the issuance of refunding bonds.
Said 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
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 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.
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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 be
mutilated, 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 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 State, county and municipal
taxation of every kind and nature whatsoever in the State
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