1492                                     LAWS OF MARYLAND                                   Ch. 475

of any such refunding bonds shall be segregated and set
apart by the County as a separate trust fund to be used for
the purpose of paying the purchase or redemption prices of
the bonds to be refunded. The County may issue bonds for
the purpose of refunding bonds hereunder under the authority
of this Act or the provisions of any then existing law
authorizing the issuance of bonds for such purpose.

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
shall be deemed to be negotiable instruments and shall have
and possess all the attributes of negotiable instruments
under the laws of the State of Maryland. 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
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 St. Mary's 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.