66

LAWS OF MARYLAND

Ch. 19

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 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 Dorchester 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.