HARRY HUGHES, Governor

2257

taxes hereby required to be levied may be reduced
proportionately.

SECTION -6- 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 in this Act. The County may, by resolution,
provide for the replacement of any bonds issued hereunder
which may 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 7 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 of Maryland.

SECTION 8 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 such Acts, and the
validity of such bonds is hereby ratified, confirmed, and
approved. This Act, being necessary for the welfare of the
inhabitants of Cecil County, shall be liberally construed to
effect the purposes hereof. All laws or parts of laws,
public general or public local, inconsistent with this Act,
are repealed to the extent of the inconsistency.

SECTION 9 10. AND BE IT FURTHER ENACTED, That this
Act shall take effect June 1, 1980.

Approved May 20, 1980.