HARRY HUGHES, Governor

2059

COUNTY may, under like restrictions, issue interim receipts
or temporary bonds, with or without coupons, exchangeable
for definitive bonds, when such definitive bonds have been
executed and are available for delivery. [In addition, the
commission may, in anticipation of the issuance of any such
bonds, issue bond anticipation notes pursuant to the
authority of, and in the manner prescribed by, section 12 of
Article 31 of the Annotated Code of Maryland (1967
Replacement Volume).] With respect to any such bonds,
coupons, temporary bonds, receipts or bond anticipation
notes, which have matured, been exchanged or redeemed, the
[commission] BOARD shall make arrangements for the
mutilation and cremation of any such instruments after an
appropriate accounting therefor[. The Commission], AND THE
BOARD may also provide for the replacement of any [such
instruments] OF THEM which shall become mutilated or be
destroyed or lost, upon receipt of such indemnification, and
the payment of the expenses of replacement as the
[commission,] BOARD in its discretion, may deem proper or
requisite. [Bonds may be issued under the provisions of
this chapter without obtaining the approval or consent of
any division, commission, board, bureau or agency of the
State of Maryland and, except as provided in section 10A—16
of this chapter, without any other proceeding or the
happening of any other condition or thing than those
proceedings, conditions or things which are specifically
required by this chapter. If the commission shall provide
for the execution of any such bonds in facsimile, it shall
comply with the provisions of sections 13 to 18, inclusive,
of Article 31 of the Annotated Code of Maryland (1967
Replacement Volume). All bond proceeds, as well as all
money held in sinking or reserve funds in the name of the
commission, shall be invested by the commission in the
manner prescribed by section 22 of Article 95 of the
Annotated Code of Maryland (1964 Replacement Volume).]

10A-24.

WITH RESPECT TO ANY BONDS ISSUED UNDER SECTION 10A-20,
10A-21, 10A-22, OR 10A-23:

(1)    SUCH BONDS ARE INVESTMENT SECURITIES UNDER
THE LAWS OF THIS STATE, NOTWITHSTANDING ANY OTHER PROVISION
OF LAW OR ANY RECITALS IN THE INSTRUMENTS;

(2)    SUCH BONDS AND THEIR ISSUANCE AND SALE ARE
EXEMPT FROM THE PROVISIONS OF SECTIONS 9, 10, AND 11 OF
ARTICLE 31 OF THE ANNOTATED CODE OF MARYLAND;

(3)    THE BONDS, THEIR TRANSFER, THE INTEREST
PAYABLE ON THEM, AND ANY INCOME DERIVED FROM THEM, INCLUDING
ANY PROFIT REALIZED IN THEIR SALE OR EXCHANGE, SHALL BE
EXEMPT AT ALL TIMES FROM EVERY KIND AND NATURE OF TAXATION
BY THIS STATE OR BY ANY OF ITS POLITICAL SUBDIVISIONS,
MUNICIPAL CORPORATIONS, OR PUBLIC AGENCIES OF ANY KIND.

[10A-25.